The Brazilian steel and iron ore producer, CSN, posted a net loss of BRL 751 million ($129.9 million) for Q3 2024, against a net loss of BRL 223 million for Q2 2024, marking the third consecutive quarterly net loss for the company.
Net sales revenues increased by 1.7 percent to BRL 11.067 billion, production costs increased by 5.6 percent to $8.332 billion, and the gross profit declined by 9 percent to BRL 2.735 billion.
The company ascribes the net loss to a combination of lower operational results and an increase in financial expenses. On a comparative basis, Q2 2024 was positively impacted by gains in hedging operations with iron ore, which were not repeated in Q3 2024.
In volume, domestic sales of steel products increased by 8.6 percent to 866,000 mt, while steel exports declined by 8.1 percent to 300,000 mt.
Domestic iron ore sales increased by 28.9 percent to 1.106 million mt, while iron ore exports increased by 8.5 percent to 10.778 million mt.
Considering the impact of the different areas of CSN activities on the EBITDA achieved in Q3 2024, steel production responded for 17.0 percent, mining 49.2 percent, logistics 18.8 percent, energy 2.7 percent, and cement 15.3 percent, without considering internal eliminations.
USD = BRL 5.78 (November 14)