CSN updates iron ore guidance, Capex spending amid pandemic

Tuesday, 19 May 2020 22:42:49 (GMT+3)   |   Sao Paulo
       

Brazilian steelmaker Companhia Siderurgica Nacional (CSN) updated its iron ore production guidance this week, saying it expects to produce between 33 to 36 million mt of iron ore in 2020. The estimate includes both its own iron ore production plus purchases of the commodity from third party companies.

CSN also reduced its Capex spending guidance for 2020 from BRL 1.8 billion ($314.6 million) to BRL 1.1 billion ($192.3 million).

CSN is also mulling halting its No. 2 blast furnace at its Presidente Vargas mill, located in the city of Volta Redonda, Rio de Janeiro state, CEO Benjamin Steinbruch said recently. The company will make a decision on whether it will suspend activities at the equipment in two weeks.

Steinbruch said halting the equipment would result in layoffs. However, if it manages to increase exports it could eventually keep the No. 2 blast furnace running.


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