Brazil’s Companhia Siderúrgica Nacional (CSN) has announced its third quarter results, which show cement sales reached a record 589 000 t in the quarter, recording net revenue of R$120 million. Sales for the year to date hit 1.6 million t and net revenue reached R$331 million.
The group, which has interests in steel, mining, logistics and energy, as well as cement, reported consolidated net revenue of R$3883 million for the third quarter, down 4% from the previous quarter due to a reduction in mining revenue caused by lower iron ore prices. Costs on goods sold were up 6% on the previous quarter, largely due to increased COGS for the steel sector. EBITDA for the quarter amounted to R$977 million, down 35% from 2Q14. In all, CSN’s consolidated net financial result was negative by R$944 million, due to high interest on loans and financing, foreign exchange fluctuations, tax expenses and other financial expenses. Net debt grew to R$17.6 billion.
Cement sales grew 4% quarter-on-quarter, with EBITDA of R$26 million and a margin of 22%. For the first nine months of the year, sales volumes were 9% higher than in the same period of 2013. The COGS for the period came to R$223 million, generating EBITDA of R$86 million and a margin of 26%.
Adapted from press release by Katherine Guenioui
Read the article online at: https://www.worldcement.com/the-americas/17112014/csn-cement-sector-reports-record-sales-volumes-in-3q14-864/