Brazilian steelmaker Companhia Siderurgica Nacional (CSN) went from a net profit of BRL 752 million ($186.3 million) in Q3 2018 to report a net loss of BRL 871 million ($215.8 million) in Q3 this year, the company said on Thursday after releasing its quarterly results.
CSN said net revenues in Q3 declined 3 percent, year-on-year, and 13 percent, quarter-on-quarter, to BRL 6 billion ($1.4 billion). The company attributed the decreased revenues to lower steel sales volumes in the export market and weaker iron ore selling prices.
Gross profit in Q3 was BRL 1.63 billion ($405.2 million), 12 percent down, year-on-year, and 33 percent down, quarter-on-quarter.
Steel sales volumes in Q3 reached 1.07 million mt, 17 percent down, year-on-year, and 8 percent down, quarter-on-quarter. Iron ore sales volumes in Q3 fell 1 percent, year-on-year, and 9 percent, quarter-on-quarter, to 9.2 million mt. Slab production in Q3 reached 358,000 mt, 62 percent down, year-on-year, and 44 percent down, quarter-on-quarter.
USD = BRL 4.04 (October 24)