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Companhia Siderurgica Nacional (CSN) reported adjusted EBITDA of R$1.463B, in line with the Street’s $1.491B, but 14% below 3Q’s R$1.703B as lower iron ore prices and weaker international steel pricing in 4Q weighed on results.

Guidance was for steel production of 5.7M tonnes in 2012; 4.9M tonnes in Brazil, and 800,000 tonnes in Germany. Approximately 85% of this will go to domestic markets, with another 3-4% going into tinplate in Latin America.

Our full report is available to subscribers only and provides further thoughts on CSN’s 4Q earnings report and conference call as well as the implication for the stock and other equities.

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