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Article: Brazil Steelmakers Expect Recovery - Analyst Blog
- Article from:
- Zacks Investment Research - Analyst Blog
- Article date:
- September 3, 2009
- Author:
CopyrightCopyright 2009 Zacks Investment Research. (Hide copyright information)
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Brazil Steelmakers Expect Recovery - Analyst Blog
Earlier this month, Brazilian steelmaker
Companhia Siderurgica Nacional
, aka
CSN
(
SID
), posted disappointing operating results for the second quarter of 2009.
Based on the turmoil in the financial markets, revenues, EBITDA and net income were down 30%, 57% and 68% respectively from the second quarter of 2008. Domestic market sales and volume were down 30% and 28% year over year. Export sales were down 32% year over year, while volume was up 21%. Crude steel production decreased 33% year-over-year.
It seems that the short-term outlook for SID is not very encouraging. However, the company showed some improvement over the ...