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Company News

Brazil steelmaker CSN reports significant net income drop to $22 million in Q1

SAO PAULO, May 8 (Reuters) - Brazilian steelmaker Companhia Siderurgica Nacional on Wednesday reported a net profit of 87 million reais ($22.2 million) in the first quarter, sharply down from its profit of 1.5 billion reais in the same period a year earlier.

The company said its results were affected by a net loss in its hedging operations. CSN’s sales of processed steel fell by 8 percent to 1.2 million tonnes, while its sales of iron ore grew by 19 percent to 7.4 million tonnes. ($1 = 3.9273 reais) (Reporting by Marcelo Rochabrun, Editing by Rosalba O’Brien)

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