Companhia Siderurgica Nacional (CSN)
Companhia Siderurgica Nacional (CSN) is a Brazil-based integrated steel producing company. The manufacturing facilities of the Company produce a range of steel products, including slabs, hot and cold rolled, galvanized and tin mill products for the distribution, packaging, automotive, home appliance, and construction industries. On December 30, 2008, the Company’s ownership interest was reduced to 40% of the voting and total capital stock of Namisa. The iron ore business of the Company includes the expansion of the mining activities and the seaport facilities, the construction of pellet plants, the trading of iron ore produced by other companies, through the logistics network. During the year ended December 31, 2008, the Company accounted for approximately 49% of the galvanized steel products sold in Brazil.
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US stocks overnight rose overnight as investors were looking for positive corporate results to fuel the rally after a disappointing start of the earnings season. A brokerage upgrade of drugmaker Merck & Co and an upbeat outlook from Kraft Foods Inc has helped to lift the healthcare and consumer sectors. Financial shares also climbed during a hearing over the financial crisis on Capitol Hill.
Wall Street stocks tumbled overnight on a second downgrade of Greece's sovereign debt in a month and Citigroup's capital raising. The US dollar rebounded as investors cut riskier assets. The US dollar index, which measures its performance against a basket of major currencies, rose to its highest level in more than three months.
US stocks closed weaker overnight after the US Commerce Department lowered its estimates of third quarter GDP and consumer spending. US economic growth in the third quarter was revised down to 2.8 per cent, down from an early estimate of 3.5 per cent expansion. Investors also worried Chinese banking regulator's capital-adequacy requirements would force the nation's lenders to tighten bank lending in China.
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