August 09, 2008

CSN Q1 profit up by 51% YoY

Brazilian steelmaker Companhia Siderurgica Nacional announced its results for the Q1 of 2008:

Highlights of the Q1 results are:

1. CSN posted a Q1 of 2008 net income of BRR 767 million up by 51% YoY.

2. Steel product sales volume totaled 1.4 million tones in Q1 of 2008, a new first quarter record, 17% up on the first quarter of 2007 and flat when compared to Q4 of 2007

3. The domestic market accounted for 80% of quarterly sales volume and the exports for 20%. In March 2008, the ratio of sales on the domestic market, where margins are traditionally higher, over total sales volume reached the record level of 84%

4. First quarter net revenue totaled BRR 3 billion up by 22% YoY and slightly more than the Q4 of 2007, when sales are traditionally higher

5. The Company recorded a 38% share of the domestic flat steel market, led by tin plate, galvanized, hot rolled and cold rolled which posted respective growth of 1%, 4%, 3% and 6% over Q4 of 2007;

6. Q1 of 2008 EBITDA came to BRR 1.3 billion up by 26% YoY as compared to Q1 of 2007 and 1% higher than the Q4 of 2007, while the EBITDA margin stood at 42%

7. Net debt closed the quarter at BRR 4.8 billion, BRRR 1.3 billion down on the Q1 of 2007 and stable in relation to the previous quarter, even after the dividend payment and investments of BRR 800 million and BRR 400 million.