CSN expects improved results in Q3

Wednesday, 17 August 2022 23:18:19 (GMT+3)   |   Sao Paulo
       

Speaking in a conference with analysts, Benjamin Steinbruch, the CEO of Brazilian steel and iron ore producer CSN, said that the company will improve its results during the third quarter, after a disappointing result in the second quarter.

“We have all conditions for a great result in the third quarter,” he said, adding that steel demand in the Brazilian domestic market is set to increase, due to fresh money injected in the economy via programs destined to help the low-income population. In his view, some of the funds will end up in the civil construction sector, improving steel demand and prices. He said that this is already happening, as sales already closed for the supply during the third quarter are 8 to 10 percent higher than in the second quarter.

Luis Fernando Martinez, commercial director, mentioned that China is already seeing a recovery of demand for steel products, amid low inventories of coal, steel and iron ore, factors that will inevitably result in higher steel and iron ore prices. In his view, under the current level of prices, the Chinese steel producers are operating with negative margins.

In relation of CSN’s interest for the acquisition of the pellet producer Samarco, the position of the company is that such interest is maintained, although Samarco was not put for sale, but conceded that, as the situation of Samarco is complex, chances are scarce for the successful conclusion of the operation.


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