Brazilian steel giant Companhia Siderurgica Nacional announces its results for the Q1 2013:

1. Steel sales volume in Q1 of 2013 totaled 1.6 million tonnes, 17% up on Q1 2012 and a new Q1 record but crude steel production reduced to 1.16 million tonnes down by 3% YoY and rolled steel output stood at 1.09 million tonnes falling by 2% YoY

2. Sales during the quarter rose to BRL 3.6 billion from BRL 3.4 billion in the first quarter of 2012 but down by 18% from BRL 4.44 billion in Oct-Dec’12 quarter, largely due to the decline in iron ore sales both in the internal and external markets. Net sales of iron ore fell 42% to BRL 747 million from BRL 1.3 billion

3. CSN's costs, which included depreciation of its assets, totaled BRL 2.85 billion in the first quarter, up from BRL 2.4 billion in the year ago period.

4. CSN's adjusted EBITDA dropped 19% from the year ago period to BRL 902 million and 26% down on 4Q12 chiefly due to the contribution from the mining, steel, logistics and energy segments. The adjusted consolidated EBITDA margin stood at 25% in 1Q13, 2 pp less than in 4Q12.

5. CSN posted a net profit of BRL 16.3 million down from BRL 92.6 million in the year ago period and BRL 316.1 million in Oct-Dec’12 quarter

6. Working capital declined BRL 0.8 billion at the end of 1Q13 as compared to the end of 1Q12, with a reduction of 33 days in the cash conversion cycle, chiefly due to improved payment management

7. Investments totaled BRL 509 million in Q1 2013

8. CSN closed Q1 2013 with cash and cash equivalents of BRL 14.1 billion.