Companhia Siderurgica Nacional (CSN) Dec 10
Standard & Poors, December 2010
Abstract
Sound profitability and positive growth fundamentals. Cost advantages in its fully integrated steel business. Diversified portfolio and leading market position in strategic business segments. Strong liquidity. High gross leverage. Historically aggressive growth strategy and dividend distribution. Sizable capital expenditure program. Exposed to volatile steel prices and demand. The ratings on Companhia Siderúrgica Nacional (CSN) reflect the group's fully integrated steel operation, which provides costs advantages and has helped CSN to deliver stronger profitability than those of domestic and global peers. Its self-sufficiency in iron ore, energy, and other feedstocks; efficient logistics from mine to mill to port terminals; increasing investments in the fast growing-demand cement industry; as well as its strong liquidity support its satisfactory business profile. Partly offsetting these...
Companies mentioned in this report are:
- Companhia Siderurgica Nacional
- Usinas Siderurgicas de Minas Gerais S.A.
- ArcelorMittal
- Gerdau S.A.
- Vale S.A.
- ThyssenKrupp AG
- National Steel S.A.
- Banco Fibra S.A.
- CSN Resources S.A.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
- Companhia Siderurgica Nacional
- Usinas Siderurgicas de Minas Gerais S.A.
- ArcelorMittal
- Gerdau S.A.
- Vale S.A.
- ThyssenKrupp AG
- National Steel S.A.
- Banco Fibra S.A.
- CSN Resources S.A.
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