Brazil's third-largest steelmaker Cia. Siderurgica Nacional SA (CSN) has announced its financial results for the second quarter of 2011, indicating a 29 percent increase in profit. The increase resulted from higher iron ore sales and from the proceeds gained by selling a stake in Australian Africa-focused mining company Riversdale Mining.
CSN reported a net profit of R$1.14 billion (US$700 million) for the given quarter, while the revenues increased to R$4.32 billion (US$2.75 billion), up 12 percent as iron ore sales increased 8.3 percent compared to the same quarter of 2010 to 6.74 million mt while crude steel sales were stable year on year at 1.3 million mt.
CSN also gained R$698 million (US$445.5 million) from selling a stake in Riversdale Mining to Rio Tinto in April.
The steel business of CSN accounted for 57 percent of net revenue, while iron ore makes up 34 percent.