Sao Paulo, Brazil-based iron ore mining company and flat-rolled steelmaker Companhia Siderurgica Nacional (CSN) announced its financial results for 2011, reporting an 81 percent increase in its fourth quarter net income.
In 2011, the company registered a net income of R$3.7 billion (US$2.03 billion), a 46 percent increase compared to the previous year. Net revenue increased to R$16.5 billion (US$9.09 billion), up 14 percent year on year. Revenues from CSN's steel operations were decreased five percent year on year to R$9.47 billion (US$5.21 billion).
According to CSN's statement, the company produced 4.87 million mt of crude steel in 2011, while rolled steel output stood at 4.70 million mt. In 2011, CSN posted a record iron ore sales volume of 29.3 million mt, up 16 percent year on year.