CSN announces 4Q14 and 2014 Results

CSN announces 4Q14 and 2014 Results

São Paulo, March 12, 2015 – Companhia Siderúrgica Nacional (CSN) (BM&FBOVESPA: CSNA3) (NYSE: SID) announces today its consolidated results for the fourth quarter (4Q14) and the full year of 2014, presented in Brazilian Reais and in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), and with Brazilian accounting practices, which are fully convergent with international accounting norms, issued by the Accounting Pronouncements Committee (CPC) and approved by the Brazilian Securities and Exchange Commission (CVM), pursuant to CVM Instruction 485 of September 1, 2010. The comments herein refer to the Company’s consolidated results and comparisons refer to the third quarter of 2014 (3Q14) and full year of 2013, unless otherwise stated. On December 31, 2014, the Real/US Dollar exchange rate was R$2.656.

Highligths

• Fourth-quarter adjusted EBITDA amounted to R$1.0 billion, 3% higher than in 3Q14, largely due to the steel segment, while the adjusted EBITDA margin widened by 2 p.p. to 25% in the same period;
• Steel segment EBITDA totaled R$723 million in 4Q14, a 10% quarter-on-quarter improvement, with an EBITDA margin of 27%, 3 p.p. higher than in 3Q14;
• In 2014, adjusted steel segment EBITDA came to R$2.9 billion, 20% up on the year before, accompanied by an adjusted EBITDA margin of 26%, growth of 6 p.p. over 2013;
• Annual iron ore sales volume totaled 29 million tonnes, 13% more than in the previous year, while iron ore shipped through Tecar reached a record 33 million tonnes, 14% up in the same period;
• Cement sales volume amounted to 2.2 million tonnes in 2014, 7% higher than the previous year, generating net revenue of R$440 million, both record figures. Adjusted EBITDA of R$116 million and the adjusted EBITDA margin of 26% were also records.

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