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Operating Expenses, Currency Fluctuation, and Rising Costs Pressure Second Quarter Balance of the Mining Giant
CSN Mining experienced a drastic drop in net income for the second quarter of 2025, recording R$ 115.8 million, which represents a retraction of 92.3% compared to the same period in 2024. The weak performance was primarily caused by the reversal of the financial result, which shifted from positive to strongly negative.
The financial result of the company was negative at R$ 750.1 million, compared to a gain of R$ 436 million in the previous year. The decline was attributed to increased financial expenses and currency fluctuation. In addition, the rise in costs and operational expenses compromised the profitability of the mining company controlled by CSN.
Revenue and Costs in Opposite Directions
Despite the significant drop in profit, CSN Mining’s net revenue was R$ 4.04 billion in the quarter, with a more modest decline of 3.6% compared to the previous year. The major impact came from the line of cost of goods and services sold (COGS), which totaled R$ 2.38 billion, an increase of 22.2% in one year.
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The government is considering a temporary subsidy for cooking gas following the spike in oil prices due to the war in Iran and warns about the impact of 20% of imports on the prices paid by families.
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The lack of truck drivers in the country is already halting shipments and threatening deadlines: 88% of transport companies are unable to hire, with an average of eight trucks idle, and the port complex of Itajaí is now feeling the impact.
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Petrobras is about to transform a forgotten city in the far north of Brazil into the capital of oil: Oiapoque is already feeling the effects even before the first drop of oil comes out from the seabed.
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The Economist says that Brazil has a secret weapon in the oil war during this crisis: ethanol, biodiesel, and flex-fuel vehicles. With Petrobras holding costs, fuel prices are rising 10% to 20% here, compared to 30% to 40% in the USA.
Operating expenses also significantly increased, rising 39.7% to reach R$ 728.1 million. This cost escalation directly affected the adjusted Ebitda, which fell 21.7%, ending at R$ 1.27 billion in the quarter.
Tax Improvement Partially Eases Impact
One of the few positive indicators of the balance sheet was the improvement in the income tax and social contribution line, which dropped from a negative value of R$ 651 million in 2024 to R$ 66 million negative this year — an improvement of 89.9%.
Even with this tax relief, the set of negative factors — especially exchange rate effects and rising operational costs — determined the weak quarterly performance of CSN Mining, putting pressure on its position in the sector.
Do you believe that the results of CSN Mining reflect a broader trend in the sector? Or is it a one-off movement? Leave your analysis in the comments — your opinion helps to broaden the economic debate with those closely following the market.
A entrada do aço CHINÊS, está provocando uma tsunami na economia do Brasil e esse DesGoverno, não faz NADA !!!
SAO UM BANDO DE CRETINOS, SEDENTOS PRO DINHEIRO E LUCRO
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