Brazilian steelmaker CSN to raise steel prices in Nov -exec
Posted on 19 October 2020
Brazilian steelmaker Companhia Siderurgica Nacional CSNA3.SA will raise steel prices by 10% in Brazil, starting in November, as the company sees strong demand for its products in Brazil, an executive said in a conference call on Friday.
Director Luiz Fernando Martinez said CSN is also in talks with carmakers to raise steel prices by at least 30%.
The company has decided to reprice products to close the gap with international prices and also to face higher costs with iron ore and coal, Martinez added.
Shares in CSN were up 2% in early afternoon trading, one day after the company released its third-quarter results. Its net income came in at 1.26 billion reais ($223.91 million), reversing a loss of 870 million reais a year earlier, as sales surged.
CEO Benjamin Steinbruch said CSN is mulling some acquisitions and investments in the gas and cement sectors, as the company reduces its debt to ebitda (earnings before interest, taxes, depreciation and amortization) to 2.5 times by 2021.
Source: Reuters (Reporting by Alberto Alerigi, writing by Carolina Mandl; editing by Stephen Eisenhammer and David Gregorio)