Sao Paolo, Brazil-based diversified steel group Companhia Siderurgica Nacional (CSN) announced its Q3 2010 financial results Friday.
CSN's gross profit reached R$1.9 billion (US$1.1 billion) in Q3 2010 and amounted to R$5.2 billion (US$3.06 billion), in the first nine months of the year, up 98 percent year-on-year and a new company record.
Net income in Q3 2010 reached R$720 million (US$4.2 million), and reached R$2.1 billion(US$1.2 billion) in the first nine months of 2010, 13 percent higher than the same period in 2009.
In Q3 2010, net revenue totaled R$3.9 billion (US$2.3 billion), and year-to-date net revenue of R$11 billion (US$6.5 billion) was also a new company record.
The company's mining revenue reached a record of R$1.2 billion (US$707 million), up 42 percent from Q2 2010, and iron ore sales totaled 7 million metric tons (mt) in Q3 2010, CSN's highest-ever figure. Consolidated steel product sales volume in the domestic market, where margins are historically higher, accounted for 87 percent of total sales volume in Q3 2010.
Looking forward, CSN expects prices for some steel products to fall an average of five percent in Q4 2010, and prices, which also fell throughout Q3 will likely bottom out by the end of the year according to the company's head of sales, Luis Fernando Martinez.