CSN (NYSE: SID) Maintains EBITDA Margin Over 46% in 3Q10

Oct 28, 2010, 19:52 ET from CSN - Companhia Siderugica Nacional

SAO PAULO, Oct. 28, /PRNewswire-FirstCall/ -- CSN - Companhia Siderurgica Nacional (BM&FBOVESPA: CSNA3) (NYSE: SID) announces its results for the 3Q10:

  • The EBITDA margin reached 46.4% in 3Q10;
  • Year-to-date EBITDA totaled R$4.9 billion, a 105% improvement over 9M09. In 3Q10, EBITDA reached R$1.8 billion;
  • Gross profit in 9M10 amounted to R$5.2 billion, 98% up year-on-year and a new Company record. In 3Q10, gross profit reached R$1.9 billion;
  • The 3Q10 gross margin reached 48.7%;
  • Net income in the first nine months of 2010 was R$2.1 billion, 13% higher than the same period in 2009. In 3Q10, net income reached R$720 million;
  • Year-to-date net revenue of R$11.0 billion was also a new Company record. In 3Q10, net revenue totaled R$3.9 billion;
  • Mining revenue reached a record of R$1.2 billion, 42% up on 2Q10;
  • Iron ore sales totaled 7.0 million tonnes in 3Q10, the Company's highest-ever figure;
  • Consolidated steel product sales volume in the domestic market, where margins are historically higher, accounted for 87% of total sales volume in 3Q10;
  • The net debt/EBITDA ratio closed the third quarter at 1.54x, based on EBITDA of R$6.1 billion in the last 12 months,  virtually stable when compared to the 1.56x recorded at the end of 2Q10;
  • In July 2010, CSN, through its wholly-owned subsidiary CSN Resources S.A., issued bonds worth US$1 billion at 6.5% p.a. and maturing in July 2020;
  • In September 2010, CSN, through its wholly-owned subsidiary CSN Islands XII Corp., issued perpetual bonds worth US$1 billion at 7.0% p.a.; the proceeds were used mainly to settle the US$750 million perpetual bonds issued by CSN Islands X Corp, with return of 9.5% p.a.;
  • CSN is a highly liquid company, with a cash position of R$ 11.5 billion.

The full 3Q10 Earnings Release is available on CSN's IR website at www.csn.com.br/ir

CSN will be hosting conference calls about its 3Q10 Results TOMORROW, October 29, 2010, at 10:00 a.m. US ET in English and 8:00 a.m. US ET in Portuguese. Connection details may be obtained on the Company's IR website.

Investor Relations

David Salama

Head of IR

Phone: +55 11 3049-7588


SOURCE CSN - Companhia Siderugica Nacional