Sao Paulo, Brazil-based iron ore mining company and flat rolled steel producer Companhia Siderurgica Nacional (CSN) has announced its financial results for the second quarter of 2012, reporting a net loss due to the write-off resulting from its investments in its rival Usiminas whose shares have been declining.
In the given quarter, CSN registered a net loss of R$1 billion (US$493.3 million), compared to a net profit of R$1.13 billion in the same quarter of the previous year. Net revenue decreased to R$4.13 billion (US$2.04 billion), falling four percent year on year. Revenues from CSN's steel operations increased 13.38 percent year on year to R$2.65 billion (US$1.3 billion).
According to CSN's statement, the company produced 1.2 million mt of crude steel in the second quarter, down two percent, while rolled steel output stood at 1.2 million mt, down four percent, both year on year. In the given quarter, CSN's iron ore sales decreased nine percent year on year to 6.1 million mt, while the company's own iron ore consumption amounted to 1.5 million mt.