RIO DE JANEIRO, March 29 (Reuters) - Cia Siderurgica Nacional, Brazil’s biggest diversified steelmaker, reported on Tuesday that its fourth-quarter profit surged due to a 2.9 billion-real benefit from the formation of a joint venture.
CSN, as the company is known, reported a net profit of 2.4 billion reais ($663 million) for the October-December quarter, up from 67 million reais in the same quarter a year earlier.
The joint venture called Congonhas Minerios SA was formed with a group of Asian partners and was announced in November.
CSN’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) fell to 686 million reais from 1 billion reais.
The company reported net revenue of 3.7 billion reais, broadly flat on the previous year. ($1 = 3.62 reais) (Reporting by Stephen Eisenhammer; Editing by Savio D‘Souza)