Iron Ore Recovery Propels CSN Stocks Higher Despite Annual Losses

CSN Mineração and CSN announced fourth-quarter results that exceeded market expectations on March 13, 2025, triggering significant stock price increases on Brazil’s B3 exchange.

CSN Mineração shares jumped 11.74% to R$5.90, while CSN rose 8.26% to R$9.17. In addition, CSN Mineração reported its second-largest quarterly net profit ever at R$2.02 billion ($337 million).

This represents a 48.4% increase year-over-year and a remarkable 352% jump from the previous quarter. The company’s adjusted EBITDA reached R$2.015 billion ($336 million), up 77.1% from Q3 2024, with margins surpassing 50% again.

CSN posted a R$85 million ($14 million) net loss, reversing the R$851 million profit recorded in Q4 2023. The company still beat market expectations with adjusted EBITDA of R$3.33 billion ($555 million) compared to analysts’ projections of R$2.87 billion ($478 million).

Net revenue totaled R$12.03 billion ($2 billion), exceeding forecasts of R$11.8 billion ($1.97 billion). The strong quarterly performance stems from recovering iron ore prices, positive exchange rate effects, and operational efficiencies.

CSN Mineração achieved its production guidance with 42.5 million tons sold in 2024 despite prioritizing margin over volume throughout the year.

Record shipments moved through CSN Mineração’s TECAR port, with 38.1 million tons shipped in 2024, representing a 2.2% increase from 2023. The company exported 100% of its products through its own port facilities, enhancing operational control and efficiency.

CSN’s Strong Performance and Market Outlook

CSN’s steel segment showed substantial improvement with sales increasing 10.4% year-over-year. The company’s cement division reached new profitability levels with improved prices, recording its highest-ever EBITDA for this segment at R$975 million ($163 million).

JPMorgan analysts struck a positive outlook, noting both companies exceeded forecasts due to better-than-expected costs. “An upward revision of consensus estimates is expected,” they stated.

The results reflect the companies’ resilience despite challenges in global commodity markets. CSN Mineração demonstrated strong operational performance with its highest volume of own production since 2019, achieving annual growth of 3.778 million tons (13.4%).

CSN ended 2024 with significant cash reserves, positioning the company for continued strategic investments. This strength also supports potential market expansion amid recovering commodity prices.

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