Sao Paulo, Brazil-based iron ore mining company and flat rolled steel producer Companhia Siderurgica Nacional (CSN) has announced its financial results for the second quarter this year.
In the second quarter, CSN registered a net profit of R$19 million (US$8.4 million), decreasing by 96.2 percent compared to the corresponding quarter of the previous year. Net revenue remained stable at R$4.05 billion (US$1.8 billion) in the second quarter this year, basically due to the reduction in revenue from steel and mining operations. Revenues from CSN's steel operations decreased by 9.6 percent year on year to R$2.84 billion (US$1.25 billion).
According to CSN's statement, the company produced 1.22 million mt of crude steel in the second quarter, rising two percent, while its rolled steel output stood at 1.09 million mt, up four percent, both quarter on quarter. In the given period, CSN's steel sales volume decreased by 20 percent year on year to 1.26 million mt, while the company's iron ore consumption amounted to 1.5 million mt.