Brazilian steelmaker Companhia Siderurgica Nacional (CSN) went from a net loss of BRL 1.31 billion ($244.7 million) in Q1 2020 to post a net profit of BRL 5.69 billion ($1.06 billion) in Q1 this year, the company said this week while releasing its quarterly results.
CSN said the profit was mainly due to the IPO of its iron ore business, CSN Mineração, which took place earlier this year.
The company’s net revenues in Q1 this year spiked 123 percent, year-over-year, to BRL 11.9 billion ($2.22 billion). Steel sales volumes in Q1 this year grew 16 percent, year-over-year, to 1.31 million mt, while iron ore sales volumes in the same period rose 47 percent, year-over-year, to 8.22 million mt.
CSN said adjusted EBITDA in Q1 was BRL 5.80 billion ($1.08 billion), 336 percent up, year-over-year. Adjusted EBITDA margin in Q1 rose to 47.7 percent, from 24.1 percent in Q1 2020.
USD = BRL 5.36 (April 29)