Brazilian slab producer Companhia Siderurgica do Pecem (CSP), a joint venture between Vale, Posco and Dongkuk Steel, saw net revenues decline in full-year 2019, a media report from Diario do Nordeste said.
CSP posted revenues of BRL 5.4 billion ($977 million), 11.4 percent down, year-on-year. CSP saw gross profit fall sharply from BRL 1.04 billion ($188.2 million) in full-year 2018 to BRL 193.3 million in full-year 2019 ($34.9 million).
CSP attributed the weaker gross profit to decreased steel slab selling prices in 2019 and higher operation costs, which were due to higher iron ore prices.
CSP produced 2.9 million mt of slab in full-year 2019, which accounted for 93 percent its capacity.
USD = BRL 5.53 (May 4)