May 16, 2017 / 12:37 AM / a year ago

Brazil's CSN delays first-quarter results pending accounting review

SAO PAULO, May 15 (Reuters) - Brazilian steelmaker Companhia Siderúrgica Nacional SA on Monday said it would delay release of first-quarter results due to an ongoing accounting review, according to a statement.

The accounting review, related to a transaction from November 2015 that resulted in the combination of certain mining and logistical operations of CSN, is still incomplete, the company said.

According to unaudited information released by the company, CSN posted net sales 15 percent higher at 4.4 billion reais ($1.42 billion) last quarter, it said without elaborating.

Sales of steel products fell 4 percent from a year ago to 1.19 million tonnes while iron ore sales slumped 13 percent to 7.2 million tonnes, CSN said.

The company did not give a timeline to release full-year 2016 and first-quarter audited results. ($1 = 3.1094 reais) (Reporting by Ana Mano; Editing by Lisa Shumaker)

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