CSN Says Profit Rises 38% as Mining Sales Offset Steel Drop

Bloomberg reports that Cia. Siderurgica Nacional (FRA:CQWA,ETR:CQWA) said first-quarter profit rose 38 percent as surging iron-ore sales offset a drop in steel output.

The market news is quoted as saying,

Net income, which excludes minority interests, rose to 617.5 million reais ($389 million) from 448.9 million reais a year earlier, the steelmaker said today in a regulatory filing. The Rio de Janeiro-based company, known as CSN, was expected to post a profit of 677 million reais on an adjusted basis, the average estimate of six analysts in a Bloomberg survey.

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