Brazilian steelmaker Companhia Siderurgica Nacional (CSN) reported a third-quarter net loss on Wednesday due to the depreciation of the local currency, as well as the fall in the value of its stake in Usiminas. Steel sales dropped 17% qoq.
CSN reported net income of R $ 871 million (approximately $ 216 million) for the quarter ending September, the company said.
The company has cut its annual operating profit forecast by 11.8% to R $ 7.5 billion.
CSN's financial performance was also affected by delays in the resumption of work at one of the blast furnaces. The 3.3 million tonne blast furnace was originally scheduled to restart in August, but has now been postponed until the end of October.
