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CSN's Q2 profit soars YOY on Indiana unit sale

Cia. Siderúrgica Nacional, or CSN, recorded a year-over-year swing to profit in the second quarter due to gains from the US$400 million sale of its Indiana-based unit CSN LLC.

The Brazilian steelmaker said Aug. 7 that it swung to a profit of 1.19 billion Brazilian reais in the second quarter from a year-ago loss of 640.0 million reais.

The results included a partial reversal of a provision for recognition of deferred income tax gains totaling 635.4 million reais, compared to a year-ago expense of 144.7 million reais.

Net revenue in the quarter jumped 32% year over year to 5.69 billion reais on the back of higher steel and iron ore sales. Steel sales climbed 13% to 1,321,000 tonnes, and iron ore sales improved 4% to 8,130,000 tonnes on a yearly basis.

Adjusted EBITDA for the quarter surged 58% year over year to 1.42 billion reais due to better performance in all segments.

CSN CEO Benjamin Steinbruch said in mid-May that the company is considering selling its Lusosider Projectos Siderúrgicos SA flat steel subsidiary in Portugal.

In March, Steinbruch said the company is looking to conclude asset sales of 2 billion reais to 3 billion reais in 2018 to slash its debt.

As of Aug. 7, US$1 was equivalent to 3.71 Brazilian reais.