RPT-UPDATE 1-Brazil steelmaker CSN swings to Q4 profit of $21.5 mln

jueves 12 de marzo de 2015 08:51 GYT
 

(Adds EBITDA, net revenues and financial losses)

By Repeats to fix formatting

SAO PAULO, March 12 (Reuters) - Brazilian steelmaker Cia Siderurgica Nacional SA reported on Thursday a fourth-quarter net profit of 67 million reais ($21.5 million) but still ended 2014 with a loss of 112 million reais as it battled falling steel demand in Latin America's largest economy.

In the fourth quarter of 2013, CSN posted a net loss of 487 million reais.

CSN said fourth quarter results were helped by its steelmaking division, where the company reduced costs in 2014 thanks to lower raw materials prices and by buying less third-party steel.

The company was also able to secure higher prices for its flat-rolled steel products.

Output of the company's raw steel from its main Presidente Vargas plant was 4.5 million tonnes in 2014, unchanged from output in 2013, CSN said.

Consolidated net revenue for the company slipped 2 percent in the fourth quarter to 3.82 billion reais from a year ago, while revenues for all of 2014 fell 7 percent from the year earlier to 16.12 billion reais.

Adjusted earnings before interest, taxes, depreciation and amortization -- a measure of a company's ability to generate cashflow known as EBITDA -- fell 12 percent to 4.73 billion reais in 2014 versus 2013.   Continuación...