The Brazilian steel and iron ore producer CSN had a net loss of BRL 479.66 million ($93.3 million) in the first quarter of the current year, against a net profit of BRL 851.10 million ($165.58 million) in the fourth quarter of 2023.
Under the same comparative basis, net sales revenues declined by 19.1 percent to BRL 9.712 billion ($1.89 billion), the gross profit declined by 40.3 percent to BRL 2.191 billion ($426.26 million) and the operational profit declined by 67.9 percent to BRL 582.9 million ($113.40 million).
Lower sales revenues and a negative financial result are the main drivers for the reduced net profit, negatively impacting the result by a combined BRL 2.864 billion ($557.20 million).
In volume, domestic sales of steel products declined by 4 percent to 732,000 mt, while steel exports increased by 17 percent to 354,000 mt.
Domestic iron ore sales declined by 34 percent to 1.022 million mt, while iron ore exports declined by 15 percent to 8.123 million mt.
Considering the impact of the different areas of CSN activity on the EBITDA achieved in Q1 2024, steel production accounted for 12 percent, mining for 57 percent, logistics for 19 percent, energy for 1 percent and cement for 14 percent.
USD = BRL 5.14 (May 10)