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UPDATE 1-Brazil's CSN resumed iron ore exports using alternate port -source
April 26, 2017 / 10:28 PM / 3 months ago

UPDATE 1-Brazil's CSN resumed iron ore exports using alternate port -source

2 Min Read

(Adds details on insurance coverage)

RIO DE JANEIRO, April 26 (Reuters) - Brazilian steelmaker Companhia Siderúrgica Nacional has resumed iron ore exports using an alternate port while trying to repair damaged equipment in its Itaguaí port, a source with knowledge of the matter said on Wednesday.

CSN, as the company is known, is temporarily using the Sudeste port, owned by Mubadala Development Co PJSC, the source added, without saying exactly when CSN resumed exports.

Additional costs incurred in using the alternate port and repairs of damaged equipment are being paid by insurance policies, the source added. An accident on April 15 interrupted CSN's iron ore exports.

Analysts at Grupo BTG Pactual estimate iron ore sales generate about half of CSN's earnings before interest, tax, depreciation and amortization, a gauge of operational profitability known as EBITDA.

The company intends to resume the exports via its Itaguaí port by May, the source added. CSN did not immediately comment. (Reporting by Rodrigo Viga Gaier; Writing by Tatiana Bautzer; Editing by Sandra Maler and Jonathan Oatis)

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