Brazilian steelmaker Companhia Siderurgica Nacional (CSN) saw its net profit in Q4 2018 surge 369 percent, year-on-year, to BRL 1.77 billion, the company said this week while releasing its quarterly results.
CSN said net revenues in Q4 totaled BRL 6.05 billion, 21 percent up, year-on-year, due to higher steel selling prices and increased sales volumes. CSN said adjusted EBITDA in Q4 was BRL 1.56 billion, 30 percent up, year-on-year.
The company’s steel sales volumes in Q4 reached 1.18 million mt, 6 percent down, year-on-year. Iron ore sales volumes in Q4 slightly rose 3 percent, year-on-year, to 9.88 million mt.
As for the full year of 2018, CSN reported a net profit of BRL 5.20 billion, an explosive 4,586 percent year-on-year improvement from a net profit of BRL 111 million in the full year of 2017. CSN attributed the stronger net profit in 2018 to better operational results, tax gains and the evaluation of investments in companies like flats producer Usiminas.