| Announcements | ||
| CSN may cut steel prices 5% in 2009 - 20 Nov, 2008 | ||
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Bloomberg reported that Cia Siderurgica Nacional SA may cut prices of the metal by 5% in 2009 as domestic demand stagnates. Mr Otavio Lazcano CFO of CSN said that prices will stay at current levels until year end. He added that CSN imposed 3 increases this year, raising prices for hot rolled flat steel by 50% and cold rolled flat products by 35%. Mr Luis Fernando Martinez sales director of CSN said that rival steelmakers including ArcelorMittal, Gerdau SA and TATA Steel Limited announced output cuts in recent weeks as a credit crisis curbed demand from home builders, carmakers and manufacturers. Flat steel demand in Brazil, which will grow 8% this year, has been slowing in recent months. Mr Lazcano said that "Brazil may consume about 13 million tonnes of flat rolled products in 2009, similar to 2008. The country imported about 1 million tonnes of steel products in 2008, mostly plate and should reduce imports by 50% in 2009.'' He added that by year end, CSN will sell 50,000 tonnes of steel slabs and hot rolled steel coil purchased from third parties. | ||
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