Companhia Siderúrgica Nacional S A : 2Q23 Earnings Presentation
August 03, 2023 at 10:35 am EDT
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2Q23 EARNINGS PRESENTATION
August 03, 2023
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HIGHLIGHTS
Strong commercial activity in all segments, highlighting the all-timerecord
on the volume sold in mining and the 12% growth in cement sales, even in
a slower market.
Adjusted Cash Flow in 2Q23 reached R$ 745 million, as result of the
normalization of working capital.
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Despite the increase in leverage due to the distribution of earnings, CSN
remains committed to the agenda of reducing the level of indebtedness
and has already signed new prepayment contracts of iron ore and energy in order to strengthen its cash position.
FINANCIAL PERFORMANCE
CONSOLIDATED OPERATING AND FINANCIAL INDICATORS
ADJUSTED EBITDA AND ADJUSTED MARGIN (R$ mm and %)
30%
28%
27%
24%
20%
3,262
2,714
3,123
3,203
2,263
2Q22
3Q22
4Q22
1Q23
2Q23
Adjusted EBITDA
Adjusted EBITDA Mg. %
ADJUSTED EBITDA EVOLUTION (R$ mm)
(940)
-29.3%
3,203
(200)
(913)
2,263
1
172
-26.8%
-45.1%
+0.7%
∆ 2Q23/1Q23
∆ 2Q23/1Q23
∆ 2Q23/1Q23
1Q23
Steel
Mining
Cement Eliminations/
2Q23
Adjusted
Expenses./ Adjusted
EBITDA
Other
EBITDA
The drop in EBITDA in 2Q23 is a direct consequence of the reduction in ore prices, aggravated by the negative pressure from provisional prices and higher costs in the steel industry.
Source: CSN
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CONSOLIDATED OPERATING AND FINANCIAL INDICATORS
CAPEX (R$ mm)
991
838
158
81
746
152
352
409
252
348
342
481
2Q22
1Q23
2Q23
Steel
Mining
Other
WORKING CAPITAL (R$ mm)
4,3014,486
3,010
2,7443,5482,672
10,564 10,249 9,526
744
382
191
-9,751-9,502-9,570
2Q221Q232Q23
Accounts Receivable Inventory Suppliers Other
Capex totaled R$ 991 million in 2Q23, a performance 33% higher than that seen in 1Q23, with emphasis on repairs of the coke batteries at UPV and advances in mining projects.
Working capital impacted by the reduction in accounts receivable and the sharp reduction in inventories, in line with the increase in the commercial activity seen in the quarter.
Source: CSN
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CSN - Companhia Siderúrgica Nacional published this content on 03 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 August 2023 14:34:20 UTC.
Companhia Siderúrgica Nacional S.A. is one of the South American largest iron and steel groups. The group also develops cement and electricity production activity. Net sales (including intragroup) break down by activity as follows:
- sale of steel products (52.8%): hot and cold rolled steel coils, coated sheet metal, merchant long steel, etc. primarily for the automotive, household appliances, packaging and construction;
- operation of mines (5.9%);
- logistics services (5.9%);
- cement production (2.2%);
- electricity production (1.2%).
Exports account for 50.8% of net sales.
COMPANHIA SIDERÚRGICA NACIONAL S.A. 
