Brazilian steelmaker Companhia Siderurgica Nacional (CSN) could reach the investment grade, depending on the continuity of its good performance in 2021, Ativa Investimentos said.
Ativa noted CSN is currently at an “interesting operational moment,” in which its debt leverage is sustainable, while the company’s outlook remains positive, with further growth opportunities.
To reach the investment grade, CSN would have to keep its momentum, even amid challenging scenarios.
Ativa said it remained “neutral” regarding the company, as it expects higher stability in global iron ore prices to guide CSN’s results, in line with Ativa’s growth assumptions.
CSN saw its net profit in Q3 rise 5 percent, year-over-year, to BRL 1.32 billion ($229.7 million). CSN said net revenues in Q3 totaled BRL 10.24 billion ($1.78 billion), 18 percent up, year-over- year.