Sao Paulo, Brazil-based iron ore mining company and flat rolled steel producer Companhia Siderurgica Nacional (CSN) has announced its financial results for the first quarter this year.
In the first quarter, CSN registered a net profit of R$52 million (US$23.4 million), compared to a net profit of R$36 million in the corresponding quarter of the previous year, chiefly due to the upturn in gross profit. Net revenue increased by 20 percent year on year to R$4.4 billion (US$1.98 billion) in the first quarter last year, mainly due to increased revenue from steel and mining operations. Revenues from CSN's steel operations increased by 6.1 percent year on year to R$3.12 billion (US$1.4 billion).
According to CSN's statement, the company produced 1.2 million mt of crude steel in the first quarter, rising three percent, while its rolled steel output stood at 1.05 million mt, falling three percent, both year on year. In the given period, CSN's steel sales volume decreased by 10.4 percent year on year to 1.39 million mt, while the company's iron ore consumption amounted to 1.5 million mt.