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 2012, reporting a decline in its net income.
In the given quarter, CSN registered a net income of R$93 million (US$47.6 million), down 85 percent compared to the same quarter of the previous year. Net revenue increased to R$3.8 billion (US$1.95 billion), rising three percent year on year. Revenues from CSN's steel operations increased 4.07 percent year on year to R$2.4 billion (US$1.22 billion).
According to CSN's statement, the company produced 1.2 million mt of crude steel in the first quarter, up six percent, while rolled steel output stood at 1.1 million mt, up eight percent, both year on year. In the given quarter, CSN's iron ore sales decreased 17 percent to 6.7 million mt, compared to the previous quarter, due to seasonality and the heavy rainfall in the southeast of Brazil.