Brazil CSN goes from profit to loss in Q1

Brazil CSN goes from profit to loss in Q1

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Brazilian steelmaker Companhia Siderurgica Nacional (CSN) went from a net profit of BRL 87 million ($14.8 million) in Q1 2019 to post a net loss of BRL 1.31 billion ($224.6 million) in Q1 this year, the company said on Friday while releasing its quarterly results.

Despite the impact of the Covid-19 pandemic on the company’s steel sales volumes, effectively from the third week of March onward, CSN attributed the Q1 loss to non-operational and non-cash flow related charges, as well as to the devaluation of shares it owns at flats producer Usiminas.

CSN said net revenues in Q1 fell 11 percent, year-on-year, to BRL 5.33 billion ($913.7 million). Steel sales volumes in Q1 reached 1.14 million mt, 3 percent down, year-on-year. Iron ore sales volumes in Q1 this year dropped 37 percent, year-on-year, to 5.60 million mt. EBITDA in Q1 declined 23 percent, year-on-year, to BRL 1.33 billion ($227.8 million).

USD = BRL 5.84 (May 15)

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