CSN posts stronger Q3 results

CSN posts stronger Q3 results

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Brazilian steelmaker Companhia Siderurgica Nacional (CSN) posted stronger Q3 results when compared to Q2 this year, as predicted by analysts. CSN said net profit in Q3 surged 182.9 percent, quarter-over-quarter, to BRL 1.26 billion (224 million), up from BRL 446 million ($79.1 million) in Q2 this year. CSN had posted a net loss of BRL 871 million ($154.6 million) in Q3 2019.

The company said net revenues in Q3 rose 45.1 percent, year-over-year, and 40 percent, quarter-over-quarter, to BRL 8.7 billion ($1.5 billion). Steel sales volumes in Q3 this year reached 1.27 million mt, 19 percent up, year-over-year, and 27 percent up, quarter-over-quarter, from 1 million mt in Q2 this year.

CSN said adjusted EBITDA in Q3 was BRL 3.50 billion ($622.6 million), 124 percent up, year-over-year, and 82 percent up, quarter-over-quarter.

USD = BRL 5.63 (October 16)

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