Sao Paulo, Brazil-based iron ore mining company and flat rolled steel producer Companhia Siderurgica Nacional (CSN) has announced its financial results for the fourth quarter and the full year 2012.

In the fourth quarter, CSN registered a net income of R$316 million (US$156.4 million), decreasing by 61.3 percent compared to the corresponding quarter of the previous year. Net revenue increased to R$4.6 billion (US$2.26 billion) in the fourth quarter of 2012, up 10.3 year on year. Revenues from CSN's steel operations increased by 20 percent year on year to R$2.83 billion (US$1.4 billion).

In 2012, CSN posted a net loss of R$481 million (US$238 million), compared to a net income of R$3.7 billion in 2011. Net revenue slightly increased to R$16.9 billion (US$8.4 billion) in the given year, up two percent year on year, chiefly due to higher sales of steel products, with record domestic sales of 4.5 million mt and the consolidation of the German mill Stahlwerk Thüringen (SWT) acquired in February 2012. Revenues from CSN's steel operations increased by 14 percent in 2012 compared to the previous year to R$10.8 billion (US$5.34 billion), basically due to the upturn in sales volume in the domestic and foreign markets.

According to CSN's statement, the company produced approximately 5 million mt of crude steel in 2012, up two percent year on year, while its rolled steel output stood at 4.7 million mt, remaining unchanged compared to 2011. In the given period, CSN's iron ore sales decreased by 12 percent year on year to 25.8 million mt, while the company's own iron ore consumption amounted to 6.1 million mt.