Brazilian steelmaker CSN’s iron ore mining subsidiary CSN Mineração is expecting a better performance in the coming quarters after posting lower profits and revenues in Q1. CSN Mineração Chairman Mr Benjamin Steinbruch said "The first quarter was complicated due to the rains that affected mining and logistical operations. It was really an atypical quarter due to the volume of rainfall and it greatly complicated the lives of all mining companies based in Minas Gerais state. I think that at some point China will leave the lockdown policy and I believe that China's recovery depends on Brazilian iron ore, so I see a recovery in prices. We saw a drop in commodity prices in the first quarter due to China and with the recovery there, we expect prices to increase in the coming months.”CSN Mineração, one of the largest mining companies in Brazil, posted a net profit of BRL 739 million (USD 151 million) in the first quarter, down from BRL 2.36 billion a year ago. Revenues dropped 30% to BRL 3.84 billion. Production was down 22% at 6.47 million tonne.
Brazilian steelmaker CSN’s iron ore mining subsidiary CSN Mineração is expecting a better performance in the coming quarters after posting lower profits and revenues in Q1. CSN Mineração Chairman Mr Benjamin Steinbruch said "The first quarter was complicated due to the rains that affected mining and logistical operations. It was really an atypical quarter due to the volume of rainfall and it greatly complicated the lives of all mining companies based in Minas Gerais state. I think that at some point China will leave the lockdown policy and I believe that China's recovery depends on Brazilian iron ore, so I see a recovery in prices. We saw a drop in commodity prices in the first quarter due to China and with the recovery there, we expect prices to increase in the coming months.”CSN Mineração, one of the largest mining companies in Brazil, posted a net profit of BRL 739 million (USD 151 million) in the first quarter, down from BRL 2.36 billion a year ago. Revenues dropped 30% to BRL 3.84 billion. Production was down 22% at 6.47 million tonne.
