2024-05-29 14:35:18 ET
Summary
- Companhia Siderúrgica Nacional (CSN) released weak Q1 2024 results, failing to meet market expectations.
- The steel segment is doing so badly that the mining segment is already the business that contributes most to the consolidated result.
- CSN's high leverage and unattractive valuation compared to peers make it a sell recommendation.
Investment Thesis
I recommend selling Companhia Siderúrgica Nacional (SID) shares after the 1Q24 results released on May 8th. The company released weak results, and I don't see any triggers for them to improve in the short term....
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For further details see:
Companhia Siderúrgica Nacional Q1: Weak Result And Risks Materializing