Brazilian steelmaker Companhia Siderurgica Nacional (CSN) told the US Securities Exchange Commission (SEC) this week on a 6-K document filing it may have failed to keep an “effective system of internal controls,” which prevented it from its financial results in a timely manner.
As previously reported by SteelOrbis, CSN has failed to timely deliver some of its quarterly results due to the review of certain accounting procedures.
Thus, it has been uncompliant with the New York Stock Exchange (NYSE).
In May, CSN missed a mandatory filing required by both the US Securities and Exchange Commission (SEC) and the New York Stock Exchange (NYSE).
More recently, in October, the company posted its delayed Q1 results for financial year 2017. At the time, it reported a BRL 118 million ($35.7 million) net profit, up from the BRL 777 million ($235.5 million) net loss it posted in Q1 2016.
In its latest SEC filing, dated December 26, 2017, CSN said its internal controls over financial reporting may have not prevented or detected what it labeled as “misstatements” in a “timely manner due to inherent limitations, including human error, circumvention or overriding of controls, or fraud.”