SAO PAULO, Brazil, May 7 /PRNewswire-FirstCall/ -- Companhia Siderurgica Nacional CSN (BOVESPA: CSNA3) today its results for the 1Q08:
-- CSN posted a 1Q08 net income of R$ 767 million, 51% up on the previous
quarter and flat over the 1Q07, when the Company recognized
non-recurring gains of R$ 255 million (net) from the transaction
involving the offer for all the shares of the UK-based Corus group;
-- Steel product sales volume totaled 1.4 million tones in 1Q08, a new
first quarter record, 17% up on the first quarter of 2007 and flat when
compared to 4Q07, a period when sales are traditionally higher prior to
the end-of-year holidays;
-- The domestic market accounted for 80% of quarterly sales volume and the
exports for 20%. In March 2008, the ratio of sales on the domestic
market, where margins are traditionally higher, over total sales volume
reached the record level of 84%;
-- First-quarter net revenue totaled R$ 3.0 billion, a quarterly record,
22% up year-on-year and slightly more than the 4Q07, when sales are
traditionally higher;
-- The Company recorded a 38% share of the domestic flat steel market, led
by tin plate, galvanized, hot-rolled and cold-rolled which posted
respective growth of 1%, 4%, 3% and 6% over 4Q07;
-- 1Q08 EBITDA came to R$ 1.3 billion, 26% more than in the 1Q07 and 1%
higher than the 4Q07, while the EBITDA margin stood at 42%, 1.5 p.p.
wider year-on-year and flat in quarter-over-quarter terms. In the last
seven years, CSN's EBITDA margin has never fallen below 40%;
-- Net debt closed the quarter at R$ 4.8 billion, R$ 1.3 billion down on
the 1Q07 and stable in relation to the previous quarter, even after the
dividend payment and investments of R$ 800 million and R$ 400 million,
respectively. The LTM net debt/EBITDA ratio stood at 0.93x and the
debt-to-equity ratio at 2.17.
Companhia Siderurgica Nacional
