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Brazil's CSN returns to profit for Q4, FY'17

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Brazil's CSN returns to profit for Q4, FY'17

Cia. Siderúrgica Nacional said March 26 that it swung to a profit of 377.4 million Brazilian reais in the fourth quarter of 2017 from a loss of 55.7 million reais in the same year-ago period.

Net revenue in the quarter increased 10% year over year to 4.99 billion reais, from 4.52 billion reais. CapEx for the period was 344 million reais, 23% lower than 2016 figures of 452 million reais.

The Brazilian steelmaker's total steel sales in the fourth quarter increased 6% yearly to 1.3 million tonnes, while iron ore sales rose 4% to 9.6 million tonnes.

For full year 2017, the company likewise swung to a profit of 111.2 million reais, from a loss of 853.1 million reais in 2016.

Net revenue in the year ended Dec. 31, 2017, rose 8% to 18.53 billion reais, from 17.15 billion reais in the comparable year-ago period, which was attributed to increases in steel product prices and higher iron ore prices. Full-year CapEx fell 35% to 1.07 billion reais.

Total steel sales in 2017 remained steady at 4.9 million tonnes, while iron ore sales over the year dropped 12% to 32.6 million tonnes from 37.0 million tonnes previously.

As of March 26, US$1 was equivalent to 3.31 Brazilian reais.