Brazil's CSN posts loss, cuts guidance for 2019

SAO PAULO (Reuters) - Brazilian steelmaker Companhia Siderurgica Nacional (CSN)CSNA3.SA reported on Wednesday a net loss in the third quarter due to the depreciation of the local currency, as well as a drop in value of its stake in another steelmaker.

CSN posted a net loss of 871 million reais ($216 million) in the quarter ending in September, the company said in a statement. That compares to a net profit of 752 million reais in the same period a year earlier, boosted by higher steel prices internationally.

The company cut its guidance for operating profit by 11.8% to 7.5 billion reais, the company said in a separate filing.

CSN was also impacted by delays in resuming operations at one of its blast furnaces. It was initially scheduled for an August restart but the unit is still not in service.

Sources told Reuters this week that the blast furnace, which has a capacity of 3.3 million tonnes, would resume operations by the end of the week.

Steel sales fell by 17% during the quarter.

The company has a stake in Usiminas USIM5.SA, another steelmaker, whose value CSN said declined by more than 300 million reais during the quarter.

Reporting by Marcelo Rochabrun and Alberto Alerigi Jr; Editing by Himani Sarkar and Christian Schmollinger