Earnings at Brazil's CSN down 7% in Q1 despite steel sector revival

Earnings at Brazilian steel and iron ore producer CSN dropped by 7% year-on-year in the first quarter of 2018 because of a fall in international iron ore prices over the same period.

The fall in earnings came despite a boost to revenues from CSN’s steel business due to a recovery in the domestic steel market, notably in the automotive and original equipment manufacturing sectors. The company’s adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) came to 1.24 billion Reais ($344 million) for January-March, down from 1.33 billion Reais in the corresponding period in 2017, CSN announced late on Monday May 14. In CSN’s mining division, revenues amounted to 1.15 billion Reais, down from 1.17 billion Reais in...

Published

Felipe Peroni

May 15, 2018

17:40 GMT

São Paulo