Sao Paulo, Brazil-based iron ore mining company and flat rolled steel producer Companhia Siderurgica Nacional (CSN) has announced its financial results for the fourth quarter and the full year of 2013.
In the fourth quarter, CSN registered a net loss of R$487 million (US$208.2 million), compared to a net profit of R$316 million in the corresponding quarter of the previous year. Net revenue increased by 7.6 percent year on year to R$4.95 billion (US$2.11 billion) in the fourth quarter last year. Revenues from CSN's steel operations increased by 9.4 percent year on year to R$3.1 billion (US$1.32 billion).
In 2013, CSN posted a net profit of R$534 million (US$228.1 million), compared to a net loss of R$481 million in 2012, basically due to the positive result of the jointly-controlled iron ore subsidiary Namisa. The company's net revenue in the given year increased by 14 percent year on year to R$17.3 billion (US$7.4 billion), chiefly due to increased revenue from steel and mining operations. Revenues from CSN's steel operations amounted to R$12.4 billion (US$5.3 billion) in 2013, up 15 percent compared to the previous year, due to the upturn in sales volume and higher prices.
According to CSN's statement, the company produced 5.07 million mt of crude steel in 2013, rising two percent year on year, while its rolled steel output stood at 4.58 million mt, down two percent year on year. In the given period, CSN's steel sales volume decreased by 3.6 percent year on year to 6.11 million mt, while the company's iron ore consumption amounted to 5.7 million mt.