Brazilian steelmaker Companhia Siderurgica Nacional (CSN) went from a net loss of BRL 1.31 billion in the first quarter this year to post a net profit of BRL 446 million ($86.55 million) in the second quarter, the company said on July 28 when releasing its quarterly results.
CSN said its net revenues in the second quarter reached BRL 6.22 billion ($1.21 billion), rising by 17 percent compared to the first quarter and down by 10 percent year on year. The higher sales in the given period were attributed to the recovery of production volumes and sales of iron ore compared to the previous quarter. Meanwhile, in the second quarter, the company’s adjusted EBITDA decreased by 19 percent on year-on-year basis to BRL 1.92 billion ($373.59 million).
Steel sales volumes in the second quarter came to one million mt, falling by 12 percent quarter on quarter, mainly due to the expected slowdown in the domestic market due to the pandemic, though partially offset by commercial opportunities in foreign markets with the depreciation of the Brazilian currency. The company’s iron ore sales volumes in the same period dropped by 24 percent year on year and rose by 38 percent quarter on quarter to 7.74 million mt.