cia siderurgica nacional sa (CSNA3) Snapshot

ThyssenKrupp AG (XTRA:TKA) is planning to sell ThyssenKrupp Companhia Siderúrgica do Atlântico to Companhia Siderurgica Nacional (BOVESPA:CSNA3), says sources close to the talks. A buyer will be chosen in the next two to three weeks with CSN the front-runner. Ternium dropped out of the race in late April over price differences.

Companhia Siderurgica Nacional (BOVESPA:CSNA3) (CSN) confirmed that it is participating in potential acquisition of assets of ThyssenKrupp AG (XTRA:TKA) including ThyssenKrupp Steel USA, LLC's processing plant in Alabama and the CSA steel mill in Rio de Janeiro state. "As part of this process, negotiations are currently taking place as to the terms and conditions that would be applicable in the potential transaction, which has not been decided upon to date," CSN said in a regulatory filing to the US Securities and Exchange Commission. "However, the company added that neither a binding offer nor any binding agreement has been established related to the assets," CSN's Information Relationship Director David Salama said in the filing. He added: "We will keep the market updated at the appropriate moment, should any binding act take place."

Companhia Siderurgica Nacional announced consolidated and parent earnings results for the first quarter of 2013. For the quarter, consolidated net revenues were BRL 3,641,983,000 compared with BRL 3,435,484,000 for the same period last year. Operational Income before financial results was BRL 401,621,000 compared with BRL 699,171,000 for the same period last year. Loss before social contribution and income taxes was BRL 125,662,000 compared with income before social contribution and income taxes of BRL 60,507,000 for the same period last year. Net income was BRL 16,316,000 compared with BRL 92,635,000 for the same period last year. Cash Flow from Operating Activities was BRL 215,773,000 and fixed assets/Intangible was BRL 440,472,000. Adjusted EBITDA was BRL 902 million compared with BRL 1,114 million for the same period last year. Adjusted Net Debt was BRL 16,199 million compared with BRL 14,266 million for the same period last year. CSN recorded consolidated net revenue mainly due to lower iron ore sales. CapEx at the first quarter was BRL 500 million. Adjusted EBITDA was 26% lower than the fourth quarter if that was due to the contribution of mining, steel, logistics and energy segments. CapEx at the first quarter was BRL 500 million. For the quarter, the parent company reported net revenues of BRL 2,853,215,000 compared with BRL 2,409,456,000 for the same period last year. Operational Income before financial results was BRL 275,061,000 compared with BRL 496,642,000 for the same period last year. Loss before social contribution and income taxes BRL 190,178,000 compared with BRL 4,587,000 for the same period last year. Net income was BRL 27,326,000 compared with BRL 110,694,000 for the same period last year.