Brazilian steelmaker Companhia Siderurgica Nacional (CSN) posted a BRL 831 million ($237.8 million) net loss in Q1, reverting a BRL 392 million ($112.1 million) net profit reported in the same quarter of the year prior, the company said on Thursday while releasing its quarterly results. The company attributed the year-on-year loss to currency variations and tax payments.
According to CSN, net revenues in Q1 declined 4.1 percent, year-on-year, to BRL 3.8 billion, due to lower sales volumes at the company’s steel segment.
Steel sales volumes in Q1 fell 11.4 percent, year-on-year, to 1.2 million mt, while iron ore sales volumes in the same period totaled 8.2 million mt, 52.4 percent up, year-on-year.
CSN’s adjusted EBITDA in Q1 was BRL 733 million, 19.5 percent down, year-on-year. EBITDA margin declined to 18.1 percent in Q1, from 21.5 percent in the same quarter of 2015.