Brazilian steelmaker Companhia Siderurgica Nacional (CSN), which also owns iron ore business CSN Mineração, presented a positive outlook for both its steel and iron ore businesses, said analysts at Bank of America (BofA).
The comments by BofA follow a recent presentation by CSN, in which it offered steel and iron ore sales and Capex guidance, as reported by SteelOrbis.
“Growth was a highlight …, with CSN presenting plans to invest $3 billion in expansion in the US and Europe in the next years,” analysts Leonardo Neratika and Guilherme Rosito said, according to a media report by Valor.
Analysts at BofA expected CSN presented a higher iron ore output forecast, of about 44 million mt, instead of the 39-41 million mt the company presented. However, the analysts said the high quality of CSN’s iron ore would offset the difference between the bank’s estimates and CSN’s actual guidance figures.