Brazilian steelmaker Companhia Siderurgica Nacional (CSN) expects to sell this year BRL 2-3 billion in assets ($600-$900 million), a ctop executive said this week during an earnings conference call.
CSN CEO Benjamin Steinbruch said the asset sale, which has been announced by the company for a while, may take place this year, in line with the company’s improved operational metrics.
Steinbruch also forecasted the steelmaker to see net revenues rise 20 percent this year, on a year-on-year basis. The executive also said EBITDA levels are set to increase.
The executive did not name the assets the company is selling. However, the steelmaker’s stocks at flats producer Usiminas are understood to be part of CSN’s portfolio to be sold.
CSN went from a net loss of BRL 56 million ($16.8 million) in Q4 2016 to a BRL 378 million ($113.6 million) net profit in Q4 2017, the company said this week.
CSN said net revenues in Q4 reached nearly BRL 5 billion ($1.5 billion), 10 percent up, year- on-year.
USD = BRL 3.34 (March 28)