Sao Paulo, Brazil-based iron ore mining company and flat rolled steel producer Companhia Siderurgica Nacional (CSN) has announced its financial results for the first quarter of 2013.
In the first quarter, CSN registered a net income of R$16 million (US$7.9 million), decreasing by 82.4 percent compared to the corresponding quarter of the previous year. Net revenue increased to R$3.64 billion (US$1.8 billion) in the first quarter this year, up six percent year on year, while decreasing by 18 percent compared to the previous quarter mainly due to lower iron ore sales. Revenues from CSN's steel operations increased by 22.8 percent year on year to R$2.95 billion (US$1.45 billion).
According to CSN's statement, the company produced 1.16 million mt of crude steel in the first quarter, down three percent year on year, while its rolled steel output stood at 1.09 million mt, falling two percent year on year. In the given period, CSN's steel sales volume increased by 17 percent year on year to 1.6 million mt, reaching a new first quarter record, while the company's own iron ore consumption amounted to 1.3 million mt.