Brazil steelmaker CSN posts $1 bln profit on higher prices
Brazilian steelmaker Companhia Siderurgica Nacional CSNA3.SA posted a net income of 5.5 billion reais ($1.06 billion) in the second quarter, significantly higher than a year ago driven by higher iron ore prices, the company said.
CSN said steel and iron ore sales by tonne grew by 28% and 18% respectively compared to a year ago. Still, the higher prices led profits to rise by over 1,000% in the same period.
Source: Reuters (Reporting by Marcelo Rochabrun; Editing by Sandra Maler)