October 23, 2019 / 11:03 PM / 7 months ago

Brazil's CSN posts loss, cuts guidance for 2019

SAO PAULO, Oct 23 (Reuters) - Brazilian steelmaker Companhia Siderurgica Nacional posted a net loss of 871 million reais ($216 million) in the third quarter due to the depreciation of the local currency, as well as a drop in value of its stake in another mining company.

The company cut its guidance for operating profit by about 12% to 7.5 billion reais, the company said in a separate filing.

The company has a stake in Usiminas, another steelmaker, that CSN said lost more than 300 million reais in value during the quarter. (Reporting by Marcelo Rochabrun and Alberto Alerigi Jr; Editing by Himani Sarkar)

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