Brazil-based steelmaker Companhia Siderurgica Nacional (CSN) expects a surge in iron ore sales in 2011 on the back of a Q4 net income decline.
The decline was primarily attributed to decreased iron ore sales, which fell 8 percent in Q4 to 6.4 million metric tons. CSN plans to invest approximately R$2.4 billion (US$1.4 billion) in 2011 however, and expects iron ore sales to reach 31 million metric tons this year.
Crude steel production rose 4 percent in Q4 2010 to 1.23 million metric tons.
Net income in Q4 amounted to R$450 million (US$271 million) compared to R$738 million (US$445 million) in Q3 2010 and R$743 million (US$448 million) in Q4 2009.