Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes _______ No ___X____
For additional information please contact: | |
Luciana Paulo Ferreira | Bovespa: CSNA3 R$43.13/shares |
CSN - Investor Relations | NYSE: SID US$14.20/ADR (1 ADR=1 share) |
(5511) 3049-7591 | Shares Outstanding = 286.9 million |
luferreira@csn.com.br www.csn.com.br | Market Capitalization: R$12.4 billion |
Prices as of 07/28/2004 |
CSN ANNOUNCES 2Q04 CONSOLIDATED RESULTS |
São Paulo, Brazil, July 29, 2004 Companhia Siderúrgica Nacional (CSN) (BOVESPA: CSNA3) (NYSE: SID) today announced its second quarter results (2Q04), in accordance with accounting principles required by the Brazilian Corporate Law and denominated in Reais. The comments included in this press release, unless otherwise stated, refer to such consolidated results with comparisons to the second quarter of 2003 (2Q03) and to the first half of 2003 (1H03). The US dollar/Real exchange rate on June 30, 2004 was R$3.1075.
Message from Benjamin Steinbruch, CEO and Chairman |
As we mentioned over
two months ago, the steel industry is still enjoying a positive momentum, with
international prices at high levels and increased consumption in key regions, such as
Asia and the United States. The domestic market is also showing significant improvement,
as the consumption of flat steel grew 4% in the second quarter compared to the same
period of the previous year.
CSN has continuously presented improved results,
reflecting more favourable market prices and the management focus on the continuous
pursuit for competitiveness and productivity. Consolidated EBITDA increased by
R$347 million from the 1Q04 to the 2Q04 and the margins were flat even with the
increases in imported raw materials prices, especially coal and coke. We are
adapting our working capital needs to an environment that demands higher raw material
inventories, and that, given the intensity of exports, has a more significant amount
of accounts receivable. All the same, in these first six months alone, we recorded
70% of the net income and EBITDA for the FYE 2003.
Despite of this positive outlook and
the overweight recommendations from analysts, the stock market is still extremely
cautious when it comes to the Brazilian steel industry. I believe that our results
and estimates will give the investors confidence in CSNs capacity to deliver
results, and in the promising future of our upcoming investments.
Consolidated Results
2Q | 1H | |||||
2004 | 2003 | Chg. % | 2004 | 2003 | Chg.% | |
Crude Steel Production | 1,368 | 1,336 | 2.4 | 2,723 | 2,608 | 4.4 |
Sales Volume (000 tons) | 1,354 | 1,124 | 20.5 | 2,491 | 2,215 | 12.5 |
Domestic Market | 848 | 763 | 11.1 | 1,624 | 1,485 | 9.4 |
Export Market | 506 | 361 | 40.2 | 867 | 730 | 18.8 |
Net Revenues (steel products) (R$/ton) | 1,791 | 1,334 | 34.2 | 1,674 | 1,342 | 24.7 |
Financial Data (R$ million) | ||||||
Net Revenue | 2,562 | 1,588 | 61.3 | 4,428 | 3,174 | 39.5 |
Gross Profit | 1,193 | 744 | 60.4 | 2,034 | 1,565 | 29.9 |
EBITDA | 1,180 | 735 | 60.6 | 2,013 | 1,522 | 32.2 |
Net income (loss) | 424 | 116 | 263.9 | 757 | 513 | 47.5 |
|
Jun/04 |
Mar/04 |
Dec/03 |
Consolidated Net Debt R$ MM |
5,998 |
4,729 |
4,908 |
For the periods indicated, US$2,227 million (79%) of the Consolidated Gross Debt was foreign currency denominated as of June 2004, US$2,238 million (75%) was foreign currency denominated as of March 2004 and US$2,177 million (70%) was foreign currency denominated debt as of December 2003.
2Q | 1H | |||||
2004 | 2003 | 2004 | 2003 | |||
EBITDA | 1,180 | 735 | 2,013 | 1,522 | ||
Depreciation | (223) | (161) | (403) | (295) | ||
Other operating expenses | (18) | (23) | (13) | (5) | ||
Operating income bef Fin.and equity | 939 | 549 | 1,597 | 1,222 |
EBITDA consists of operating income plus depreciation and other operating expenses. EBITDA does not represent net income or cash flows from operations, as these terms are defined by U.S. GAAP. EBITDA, as presented, may not be comparable to other similarly titled measures of other companies. We believe that EBITDA is useful because comparisons based on other measures, such as net income or cash flows from operating activities, include elements that vary from company to company depending on where they are located or on their capital structure. We present in the table above a reconciliation from EBITDA to operating income before financial and equity results.
|
Production
Output volumes in the second quarter of 2004 totaled 1.4 million tons of crude steel and 1.2 million tons of rolled finished products. In the first half of 2004, the production of crude steel reached 2.7 million tons, equivalent to a 4% increase, while rolled finished product also increased by 4%, reaching 2.4 million tons. These increases are the result of continuous efforts to improve productivity.
Production Costs (Parent Company)
In 2004, total production costs were
higher than in 2003 (38% when comparing quarters and 36% between semesters). This
increase is explained mainly by the higher imported raw materials prices as a result
of the supply and demand unbalance in the international market, driven by increased
internal consumption in China.
In
1H04, coal and coke costs were R$237 million higher, with the major effect impacting the
second quarter. During the quarter, these costs represented 34% of the total - an 11
percentage points (p.p.) increase to 1Q04 and a 10 p.p. difference from 2Q03.
Therefore, dollar-denominated or dollar-linked costs represented 47% of the cash costs
in 2Q04.
Higher crude steel output in 2004 also contributed to an increase in the consumption of materials in general. However, our costs were also effected by the increase in electrical energy tariffs. The non-cash effect of higher depreciation (resulting from assets revaluation and CSN Paraná start-up) corresponded to an R$82 million increase.
|
Sales volumes of finished products and slabs reached 1.4 million tons in the quarter, up 20% compared to the same period of last year. In the domestic market, sales rose 11%, representing 63% of total Sales in the quarter. In the same comparison, export Sales increased by 40%. In 1H04, we highlight the 12% increase in total volume, and 19% higher export sales.
In 2Q04, consolidated net revenues grew 61% reaching R$2,562 million, due to a better product mix, with higher participation of coated products, 34% increase in average prices and greater sales volume. Sales in the domestic market accounted for 62% of the net revenues in quarter, while domestic volume represented 63% of the total, this difference is a result of the effect of better international prices on export revenues. In 1H04, this situation is more balanced with both domestic revenues and volume representing 65%.
For the parent company, exports were largely to the United States of America and Europe, which represented 37% and 34% of total volume, respectively. This mainly reflects our operations with CSN LLC and Lusosider. Exports for Asia and Latin America were 15% and 10% of export volumes, respectively. Since CSN LLC and Lusosider sales are made in their respective regions, CSN consolidated sales showed substantially the same distribution worldwide.
|
Gross Profit
Gross profit for 2Q04 increased by R$449 million when compared to 2Q03 and by R$352 million compared to 1Q04. Gross margin was stable at 47%, as higher steel prices offset the increases in raw materials. In relation to the previous quarter, gross margin increased by 1.5 p.p. In 1H04, gross income increased by 30%, but the gross margin was 3.4 p.p. lower, given our new investments abroad, which are reflected in the consolidated figures as of the second half of 2003.
Operational Income
In 2Q04, operational income reached R$939 million, compared to R$549 million in 2Q03. This R$390 million increase reflects the higher gross profit, partially offset by greater operational expenses mostly due to higher sales expenses, as a consequence of higher export volumes and freight costs. Operational income in the first half of 2004 grew by 31%.
EBITDA
EBITDA reached R$1,180 million in the second quarter, a 61% increase compared to the R$735 million registered in the same period of last year. Compared to 2Q03, EBITDA margin was stable at 46%, but it was 1.3 p.p. up first quarter margin. In 1H04, EBITDA was over R$2 billion, with a 46% margin, representing a 32% increase.
|
Financial results (which include
financial revenues and expenses as well as results from net exchange and monetary
variation, but exclude amortization of deferred exchange losses) totaled negative
R$443 million in the quarter, compared to negative R$265 million in the same period of
last year, due to a higher cost of net debt in the period as explained below. For
the same reason, the financial result in 1H04 was a negative R$619 million, compared to
a negative R$315 million for the same period in 2003.
Deferred Exchange Losses: Total
amortization of deferred exchanges losses due to the real devaluation in 2001 was R$26
million in 2Q04, compared to R$34 million in 2Q03. The balance to be amortized in 2004 is
R$50 million.
|
As a consequence, consolidated net income was R$424 million in the 2Q04, 264% higher than the net income of R$116 million registered in the same period of 2003, and 27% higher than 1Q04. In 1H04, net income reached R$757 million, a R$244 million increase over 1H03.
|
At June 30, 2004, consolidated net debt
totaled R$5,998 million, R$1,269 higher than net debt on March 31, 2004. This
increase is related to greater working capital (especially given the strategic
increase in raw material inventories, in the amount of R$371 million, and higher
accounts receivable in the amount of R$383 million, especially for exports), the
payment of R$752 million in dividends and interest on equity and to the increase to 100%
interest in GalvaSud, an approximate impact of R$300 million. Current net
debt/annualized EBITDA ratio is 1.5x, in line with the expectations announced in the 2003
earnings release.
We seek to hedge our exposure net of financial assets and
liabilities, accounts receivable and payable denominated in foreign currency and
investments in offshore affiliates (registered in the Equity Results line), as a
result of which the amount of the exposure hedged by currency swaps is approximately
US$1 billion. As a result, financial results on a standalone basis are partially
exposed to the foreign rate.
For the full year 2004 the net debt cost is expected to
remain at 100% of CDI, as previously disclosed.
|
At the first half of 2004, total capital expenditures were R$521 million. The highlight, once more, was the capex related to CSN Paraná, besides projects related to maintaining the operating and technological excellence of the facilities and the remaining Galvasuds capital acquisition, which corresponded to R$306 million.
|
On July 27, 2004, CSNs Board of Directors approved the following corporate and financial events:
In June, CSN announced a number of corporate and financial events, as described below:
|
Despite the higher share of the
international markets in 2Q04, we reiterate our estimate of a maximum 35% export
mix. Our consolidated annual sales volume should be slightly above 2003 volumes, as
the decision to outsource hot-rolled coils was revised and the supply of most of CSN
LLC`s and Lusosiders slabs and hot rolled needs was kept, which did not happen during
2003. We will loose in volume but gain in consolidated margins.
We have not
witnessed any fall in international prices and believe that, given the continued
high levels of global demand and unfavorable conditions to the expansion of the
supply, international prices will remain favourable at least until the end of this
year. The current lag between domestic and international prices is around US$50
for less value-added products like hot and cold-rolled.
In terms of costs for
the second half, we maintain the expectations for the previously announced increase
in coal costs and, until the end of 3Q04, the high coke prices. Export freight, which
had increased over 50% in 2003, has fallen, and returned to early 2003 levels. For the
year, we expect to slightly increase our consolidated EBITDA margin compared to the 45.5%
margin of the first half.
Regarding cash flow, the increase in strategic
inventories of coal and the increased focus in the international market during this
last quarter, led to a greater requirement of working capital. We are working for
this to return to normal levels during the second half. Another factor that we do not
expect again in 2004 is the intermediate distribution of dividends and interest on
equity. Therefore, CSNs net debt should return, until the end of the year, to levels
closer to a Net Debt/EBITDA ratio of 1x.
|
CSN will host conference call to discuss second quarter of 2004 results on July 30, 2004, as follows:
Conference Call in English
July 30, 2004, 1
pm ET USA / 2 pm Brasilia Time
International: (1-973) 582-2734
Conference Call ID: CSN or
5009721
Companhia Siderúrgica Nacional, located in the State of Rio de Janeiro, Brazil, is a steel complex formed by investments in
infrastructure and logistics, that combines, in its operation, captive mines, an integrated steel mill, service centers, ports and
railways. With a total annual production capacity of 5.8 million tons of crude steel and consolidated gross revenues of R$ 8.3
billion reported in 2003, CSN is also the only tin-plate producer in Brazil and one of the five largest tin-plate producers worldwide. |
Certain of the statements contained herein are forward-looking statements, which express or imply results, performance or events that are expected in the future. They include future results that may be implied by historical results, the statements under Message from CEO and Outlook, the expected nominal cost of gross debt compared to CDI and the expected ratio at 2004 year-end of net indebtedness to EBITDA. Actual results, performances or events may differ materially from those expressed or implied by the forward-looking statements, as a result of several factors, such as general and economic conditions in Brazil and other countries, interest rate and exchange rate levels, protectionist measures in the US, Brazil and other countries, changes in laws and regulations and general competitive factors (on a global, regional or national basis).
Five pages of tables follow
INCOME STATEMENT
Consolidated Corporate Law In thousands
of R$ - Limited Revision
2Q04 | 1Q04 | 2Q03 | 1H03 | 1H04 | |
Gross revenue | 2,999,802 | 2,261,816 | 1,956,400 | 3,831,735 | 5,261,618 |
Gross revenue deductions | (437,431) | (396,666) | (367,962) | (658,126) | (834,097) |
Net revenue | 2,562,371 | 1,865,150 | 1,588,438 | 3,173,609 | 4,427,521 |
Domestic Market | 1,577,156 | 1,283,828 | 1,120,140 | 2,202,208 | 2,860,984 |
Export Market | 985,215 | 581,322 | 468,298 | 971,401 | 1,566,537 |
Cost of goods sold (COGS) | (1,369,553) | (1,024,309) | (844,608) | (1,608,445) | (2,393,862) |
COGS, excluding depreciation | (1,158,305) | (854,693) | (691,274) | (1,331,124) | (2,012,998) |
Depreciation allocated to COGS | (211,248) | (169,616) | (153,334) | (277,321) | (380,864) |
Gross Profit | 1,192,818 | 840,841 | 743,830 | 1,565,164 | 2,033,659 |
Gross Margin (%) | 46.6% | 45.1% | 46.8% | 49.3% | 45.9% |
Selling expenses | (152,476) | (122,821) | (98,289) | (200,136) | (275,297) |
General and administrative expenses | (71,848) | (54,594) | (64,282) | (120,217) | (126,442) |
Depreciation allocated to SG&A | (11,103) | (10,602) | (8,588) | (17,670) | (21,705) |
Other operating income (expense), net | (18,113) | 4,726 | (23,374) | (5,384) | (13,387) |
Operating income before financial and equity interest | 939,278 | 657,550 | 549,297 | 1,221,757 | 1,596,828 |
Net financial result | (469,412) | (203,809) | (298,951) | (383,824) | (673,221) |
Financial expenses | (218,151) | (290,067) | (170,968) | (335,237) | (508,218) |
Financial income | 93,965 | 167,436 | (784,435) | (909,090) | 261,401 |
Monetary and foreign exchange loss* | (318,772) | (53,009) | 690,543 | 929,335 | (371,781) |
Defferral of foreign exchange loss | (26,454) | (28,169) | (34,091) | (68,832) | (54,623) |
Equity interest in subsidiaries | 11,109 | 7,449 | 56,469 | 10,900 | 18,558 |
Operating Income (loss) | 480,975 | 461,190 | 306,815 | 848,833 | 942,165 |
Non-operating income (expenes) Net | 12,530 | 339 | (4,485) | (9,805) | 12,869 |
Income Before Income and Social Contribution Taxes | 493,505 | 461,529 | 302,330 | 839,028 | 955,034 |
(Provision)/Credit for income tax | (39,471) | (90,251) | (136,841) | (258,271) | (129,722) |
(Provision)/Credit for social contribution | (30,523) | (37,993) | (49,096) | (67,815) | (68,516) |
Net income (Loss) | 423,511 | 333,285 | 116,393 | 512,942 | 756,796 |
EBITDA | 1,179,742 | 833,042 | 734,593 | 1,522,132 | 2,012,784 |
EBITDA margin (%) | 46.0% | 44.7% | 46.2% | 48.0% | 45.5% |
EBITDA = Gross profit less selling, general and administrative expenses, provision for profit sharing, depreciation, amortization and depletion.
INCOME STATEMENT
Parent Company Corporate Law In thousands of R$ - Limited
Revision
2Q04 | 1Q04 | 2Q03 | 1H03 | 1H04 | |
Gross revenue | 2,673,941 | 1,912,141 | 1,856,982 | 3,502,414 | 4,586,082 |
Gross revenue deductions | (358,105) | (323,783) | (305,900) | (559,298) | (681,888) |
Net revenue | 2,315,836 | 1,588,358 | 1,551,082 | 2,943,116 | 3,904,194 |
Domestic Market | 1,466,591 | 1,209,362 | 1,184,588 | 2,195,811 | 2,675,953 |
Export Market | 849,245 | 378,996 | 366,494 | 747,305 | 1,228,241 |
Cost of goods sold (COGS) | (1,258,589) | (863,101) | (855,692) | (1,555,436) | (2,121,690) |
COGS, excluding depreciation | (1,060,939) | (707,036) | (708,615) | (1,290,707) | (1,767,975) |
Depreciation allocated to COGS | (197,650) | (156,065) | (147,077) | (264,729) | (353,715) |
Gross Profit | 1,057,247 | 725,257 | 695,390 | 1,387,680 | 1,782,504 |
Gross Margin (%) | 45.7% | 45.7% | 44.8% | 47.2% | 45.7% |
Selling expenses | (65,793) | (57,834) | (46,802) | (92,887) | (123,627) |
General and administrative expenses | (57,139) | (41,598) | (56,210) | (103,337) | (98,737) |
Depreciation allocated to SG&A | (7,450) | (7,337) | (6,529) | (13,618) | (14,787) |
Other operating income (expense). Net | (24,428) | (11,072) | (24,051) | 900 | (35,500) |
Operating income before financial and equity interest | 902,437 | 607,416 | 561,798 | 1,178,738 | 1,509,853 |
Net financial result | (436,639) | (374,435) | (107,911) | (123,887) | (811,074) |
Financial expenses | (233,351) | (300,320) | (178,508) | (360,841) | (533,671) |
Financial income | 278,997 | 32,371 | (845,354) | (982,636) | 311,368 |
Monetary and foreign exchange loss | (456,743) | (78,985) | 949,376 | 1,287,088 | (535,728) |
Defferral of foreign exchange loss | (25,542) | (27,501) | (33,425) | (67,498) | (53,043) |
Equity interest in subsidiaries | 111,982 | 242,194 | (125,252) | (176,561) | 354,176 |
Operating Income (loss) | 577,780 | 475,175 | 328,635 | 878,290 | 1,052,955 |
Non-operating income (expenes. Net | (729) | (54) | (6,758) | (12,159) | (783) |
Income Before Income and Social Contribution Taxes | 577,051 | 475,121 | 321,877 | 866,131 | 1,052,172 |
(Provision)/Credit for income tax | (54,951) | (89,868) | (137,605) | (257,792) | (144,819) |
(Provision)/Credit for social contribution | (36,457) | (37,894) | (49,288) | (67,323) | (74,351) |
Net income (Loss) | 485,643 | 347,359 | 134,984 | 541,016 | 833,002 |
EBITDA | 1,131,965 | 781,890 | 739,455 | 1,456,185 | 1,913,855 |
EBITDA Margin (%) | 48.9% | 49.2% | 47.7% | 49.5% | 49.0% |
Additional Information | |||||
Deliberated Dividends and Interest on Equity | 35,000 | 506,138 | 35,000 | ||
Number of Shares - thousands ** | 284,404 | 71,729,261 | 71,729,261 | 71,729,261 | 284,404 |
Earnings (Loss) per share - R$ *** | 1.71 | 4.84 | 1.88 | 7.54 | 2.93 |
* Amounts differ from previously disclosed
financial statements due to the segregation of the effect of foreign exchange loss
deferrals.
** Excluding treasury stocks
*** Per 1,000 shares until the 1Q04.
BALANCE SHEET
Corporate Law thoushands of R$ Limited
Revision
Parent Company | Consolidated | |||
06/30/2004 | 03/31/2004 | 06/30/2004 | 03/31/2004 | |
Current Assets | 5,534,896 | 5,444,298 | 6,253,120 | 6,670,519 |
Cash and marketable securities | 1,698,543 | 2,316,338 | 2,581,986 | 3,776,666 |
Trade accounts receivable | 2,215,887 | 1,682,192 | 1,583,567 | 1,201,385 |
Inventory | 1,045,181 | 832,916 | 1,441,477 | 1,066,916 |
Other | 575,285 | 612,852 | 646,090 | 625,552 |
Long-term assets | 3,407,720 | 3,266,334 | 2,116,451 | 2,043,083 |
Permanent asstes | 16,185,554 | 15,753,321 | 13,855,350 | 13,652,179 |
Investiments | 3,676,105 | 3,120,001 | 392,835 | 245,139 |
PP&E | 12,238,437 | 12,333,522 | 13,108,212 | 13,034,186 |
Deffered | 271,012 | 299,798 | 354,303 | 372,854 |
Total Assets | 25,128,170 | 24,463,953 | 22,224,921 | 22,365,781 |
Current Liabilities | 3,017,145 | 3,984,296 | 3,188,105 | 4,137,661 |
Loans and financing | 1,787,630 | 2,116,801 | 1,925,518 | 2,295,650 |
Dividends Payable | 382 | 717,603 | 382 | 717,603 |
Other | 1,229,133 | 1,149,892 | 1,262,205 | 1,124,408 |
Long-term liabilities | 13,961,882 | 12,689,366 | 10,954,261 | 10,442,419 |
Loans and financing | 8,892,284 | 7,718,318 | 6,853,813 | 6,379,313 |
Deffered income and social contribution taxes | 2,358,847 | 2,390,460 | 2,397,789 | 2,426,940 |
Other | 2,710,751 | 2,580,588 | 1,702,659 | 1,636,166 |
Future periods results | - | - | 35,103 | 34,967 |
Shareholders' Equity | 8,149,143 | 7,790,291 | 8,047,452 | 7,750,734 |
Capital | 1,680,947 | 1,680,947 | 1,680,947 | 1,680,947 |
Capital reserve | 17,319 | 17,319 | 17,319 | 17,319 |
Revaluation reserve | 4,885,196 | 4,946,563 | 4,885,196 | 4,946,563 |
Investment reserve | 736,594 | 736,594 | 736,594 | 736,594 |
Treasury shares | (91,791) | - | (91,791) | - |
Retained earnings | 920,878 | 408,868 | 819,187 | 369,311 |
Total liabilites and shareholders' equity | 25,128,170 | 24,463,953 | 22,224,921 | 22,365,781 |
SALES VOLUME
Consolidated thousand of tons
2Q04 | 1Q04 | 2Q03 | 1H03 | 1H04 | |
DOMESTIC MARKET | 848 | 776 | 763 | 1,485 | 1,624 |
Hot rolled | 291 | 263 | 282 | 527 | 554 |
Cold rolled | 197 | 167 | 161 | 334 | 364 |
Galvanized | 188 | 175 | 140 | 270 | 363 |
Tim mill products | 158 | 157 | 162 | 324 | 314 |
Slabs | 15 | 14 | 18 | 30 | 29 |
EXPORT MARKET | 506 | 362 | 361 | 730 | 867 |
Hot rolled | 192 | 135 | 158 | 256 | 327 |
Cold rolled | 34 | 16 | 18 | 46 | 50 |
Galvanized | 127 | 127 | 21 | 74 | 254 |
Tim mill products | 123 | 83 | 112 | 177 | 206 |
Slabs | 30 | - | 52 | 177 | 30 |
TOTAL | 1,354 | 1,138 | 1,124 | 2,215 | 2,491 |
Hot rolled | 483 | 398 | 440 | 783 | 881 |
Cold rolled | 231 | 184 | 179 | 380 | 414 |
Galvanized | 314 | 303 | 161 | 343 | 617 |
Tim mill products | 281 | 240 | 274 | 501 | 520 |
Slabs | 45 | 14 | 70 | 208 | 59 |
SALES VOLUME
Parent Company thousands of tons
2Q04 | 1Q04 | 2Q03 | 1H03 | 1H04 | |
DOMESTIC MARKET | 814 | 761 | 834 | 1,563 | 1,575 |
Hot rolled | 273 | 262 | 305 | 553 | 536 |
Cold rolled | 192 | 170 | 188 | 367 | 363 |
Galvanized | 178 | 159 | 160 | 288 | 337 |
Tim mill products | 155 | 156 | 163 | 326 | 311 |
Slabs | 15 | 14 | 17 | 30 | 29 |
EXPORT MARKET | 562 | 297 | 352 | 704 | 859 |
Hot rolled | 223 | 159 | 158 | 254 | 381 |
Cold rolled | 19 | 1 | 9 | 30 | 20 |
Galvanized | 53 | 20 | 21 | 72 | 73 |
Tim mill products | 116 | 74 | 112 | 176 | 189 |
Slabs | 152 | 43 | 52 | 172 | 195 |
TOTAL | 1,376 | 1,058 | 1,185 | 2,267 | 2,434 |
Hot rolled | 496 | 421 | 463 | 807 | 917 |
Cold rolled | 211 | 172 | 196 | 397 | 383 |
Galvanized | 231 | 179 | 181 | 360 | 410 |
Tim mill products | 271 | 230 | 275 | 502 | 500 |
Slabs | 167 | 57 | 70 | 201 | 224 |
NET SALES PER UNIT
Consolidated
In R$/ton
2Q04 | 1Q04 | 2Q03 | 1H03 | 1H04 | |
TOTAL | 1,791 | 1,534 | 1,334 | 1,342 | 1,674 |
Hot rolled | 1,423 | 1,194 | 1,029 | 1,028 | 1,319 |
Cold rolled | 1,733 | 1,423 | 1,328 | 1,302 | 1,596 |
Galvanized | 2,152 | 1,745 | 1,642 | 1,689 | 1,952 |
Tim mill products | 2,139 | 1,972 | 1,789 | 1,847 | 2,062 |
Slabs | 1,341 | 590 | 774 | 803 | 1,164 |
NET SALES PER UNIT
Parent
Company In R$/ton
2Q04 | 1Q04 | 2Q03 | 1H03 | 1H04 | |
TOTAL | 1,603 | 1,409 | 1,238 | 1,223 | 1,519 |
Hot rolled | 1,306 | 1,072 | 959 | 938 | 1,199 |
Cold rolled | 1,639 | 1,376 | 1,132 | 1,142 | 1,521 |
Galvanized | 2,030 | 1,762 | 1,614 | 1,572 | 1,913 |
Tim mill products | 1,993 | 1,859 | 1,701 | 1,702 | 1,932 |
Slabs | 1,215 | 1,081 | 583 | 704 | 1,181 |
EXCHANGE RATE
In R$/US$
1Q03 | 2Q03 | 3Q03 | 4Q03 | 1Q04 | 2Q04 | |
End of Period | 3.3531 | 2.8720 | 2.9234 | 2.8892 | 2.9086 | 3.1075 |
% change | (5.1) | (14.4) | 1.8 | (1.2) | 0.7 | 6.8 |
Acumulated (%) | (5.1) | (18.7) | (17.3) | (18.2) | 0.7 | 7.6 |
COMPANHIA SIDERÚRGICA NACIONAL
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By: |
/S/
Otavio de Garcia Lazcano
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Otavio de Garcia Lazcano
Principal Financial Officer
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This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.