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CSN Slumps as Quarterly Earnings Miss HSBC Estimate

Feb. 28 (Bloomberg) -- Cia. Siderurgica Nacional SA, Brazil’s second-largest steelmaker by market value, fell to a four-month low after fourth-quarter earnings excluding taxes and other items missed an HSBC Holdings Plc estimate.

CSN, as the Sao Paulo-based company is known, dropped 6.9 percent to 10.23 reais at the close of trading, the lowest since Oct. 9. Trading volume was twice its three-month daily average. The stock led losses on the Brazilian benchmark Ibovespa index, which fell 1.1 percent.

CSN today posted an unexpected fourth-quarter net loss of 487.1 million reais ($208 million) after settling a tax dispute with Brazil.

Earnings before interest, taxes, depreciation and amortization, or Ebitda, of 1.76 billion reais -- while up 44 percent from a year earlier -- missed an HSBC estimate by 14 percent after excluding non-recurring gains, Leonardo Correa and Luiz Fornari, two analysts at the bank in Sao Paulo, said.

“Although CSN’s results looked strong at first sight, deeper analysis indicated that Ebitda was boosted by non-recurring insurance payments,” the analysts wrote in a research note. “Iron-ore price realization and costs surprised negatively.”

To contact the reporter on this story: Juan Pablo Spinetto in Rio de Janeiro at

To contact the editor responsible for this story: James Attwood at

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