CSN reports consolidated net profit for H1
Brazilian steel producer Companhia Siderurgica Nacional (CSN) reported a consolidated net profit of Real 513 million (approx. $169 million) for the first six months of 2003 against a net loss of Real 408 million for the same period last year. Company's net revenue amounted to Real 3.2 billion, up by 48% while gross profit increased by 87% to Real 1.6 billion. EBITDA reached to Real 1.5 billion, up by 87%. Furthermore, the appreciation of Brazilian currency Real against US Dollar decreased the financial losses from Real 1.2 billion to Real 384 million. CSN's total sales dropped by 5.2% to 2.3 million tons in the first half of 2003. Exports amounted to 714'090 tons, up by 12.5% while domestic sales increased by 11.5% to 1.6 million tons. Due to weak market conditions in China, CSN exported its rolled products, particularly to Latin America in the second quarter. As a result, exports to China correspond to 17% of CSN's rolled products exports and 100% of slab exports in the first half of 2003.