Brazil steelmaker Companhia Siderurgica Nacional (CSN) is confident it will post improved results for the quarter to come, the company’s CEO, Benjamin Steinbruch, said during a conference call with analysts.
“I’m sure we’ll have excellent results in Q4,” he said, while commenting the company’s Q3 results released last Friday. According to Steinbruch, Q3 was a transition quarter, in which a tougher financial management wasn’t completely reflected in the company’s most recent quarterly results.
Steinbruch forecasted CSN’s adjust EBITDA in Q4 to be “for sure” above BRL 1 billion. In Q3, the total reached BRL 853 million.
The company said it’s attentively looking at ways to improve its financial metrics. “The order is to reduce leverage [the use of credit to enhance one's speculative capacity],” said Paulo Caffarelli, the company’s corporate director said, while adding the company will renegotiate all its contracts.
CSN’s commercial director, Luis Martinez, said CSN readjusted steel prices for both the civil construction and distributors networks by about 5-6 percent.
The company said it expects to export 28 million mt of iron ore in 2015 and 30 million mt in 2016. CSN posted a BRL 533 million net loss in Q3, from a BRL 250 million loss reported in Q3 last year.