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| CSN's Iron Ore Sales Reach 4.0 Mt In 2Q09 |
| = Accounting for 15% of total sales = |
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Brazilian integrated steel company and iron ore supplier Companhia Siderúrgica Nacional ("CSN") has announced its operational results for the second quarter 2009 with reduced revenue and reduced profit but maintaining relatively high profitability: Net Revenue at R$2,492 million (down 29.9% from 2Q08), Net Income R$335 million (down 67.5%), and EBITDA margin 29.2% (2Q08: 47.9%). CSN is operating Presidente Vargas Steelworks in the sate of Rio de Janeiro. Crude steel production during the quarter was 20% below the previous quarter due to the programed maintenance stoppage at No. 2 Blast Furnace from April to June. The furnace resumed production on June 18. Being an integrated steel company, CSN holds iron ore assets and operations as another mainstay business, having its captive iron ore mine - Casa de Pedra in the state of Minas Gerais, as well as an iron ore mining company NAMISA being managed jointly with a Japanese - South Korean consortium. Iron ore sales during the quarter were 4.0 Mt (1Q09: 5.4 Mt), which accounted for 15% in the total sales of the Company (1Q09: 26%). The iron ore mining company NAMISA was CSN's 100% owned consolidated subsidiary until November 30, 2008. On and after December 1 CSN's stakeholding reduced to 60% with remaining 40% held by the Japanese - South Korean consortium composed of Nippon Steel, JFE Steel, Sumitomo Metals, Kobe Steel, Nisshin Steel, Itochu Corp and POSCO (this last being South Korean). |
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| last modified : Mon 31 Aug, 2009 [10:54] |
