Brazilian steelmaker and miner CSN reported a third-quarter net loss of 750.9 million reais ($130.6 million) on Wednesday, a sharp decline from the 91 million reais profit recorded a year earlier.
CSN is one of Brazil’s largest steelmakers and miners.
The steelmaker reported 2.28 billion reais in adjusted earnings before interest, taxes, depreciation and amortization for the third quarter, down 18.9% from a year earlier
It posted gross profit of 2.73 billion reais, down 3% year-on-year, and said net revenue fell 0.5% to 11.07 billion reais. Its steel and iron ore sales in the period rose 14.5% and 2.1%, respectively.
CSN said in the filing that its net loss was down to a combination of a lower operating profit and higher costs.
The steelmaker attributed its lower core earnings to factors beyond its control, citing international prices, “mainly in mining amidst a series of uncertainties regarding Chinese demand”.
“On the other hand, the solid commercial performance presented in the period shows that CSN is well positioned to continue with solid results from now on,” it added.
($1 = 5.7481 reais)
(By Luana Maria Benedito; Editing by Jan Harvey)
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