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MarketScreener Homepage  >  Equities  >  Bolsa de valores de Sao Paulo  >  Companhia Siderúrgica Nacional    CSNA3   BRCSNAACNOR6

COMPANHIA SIDERÚRGICA NACIONAL

(CSNA3)
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Trump's metals tariff tweet roils Brazil, Argentina

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12/02/2019 | 10:00am EST
FILE PHOTO: President Donald Trump meets with China's Vice Premier Liu He

U.S. President Donald Trump on Monday said he would restore tariffs on U.S. steel and aluminium imports from Brazil and Argentina, surprising officials in the two South American countries who sought explanations.

Emerging market stocks and the highly sensitive Mexican peso slid to session lows following Trump's early morning post on Twitter that gave no details on the plan.

Representatives for the Office of the U.S. Trade Representative could not be reached for comment.

"Brazil and Argentina have been presiding over a massive devaluation of their currencies, which is not good for our farmers. Therefore, effective immediately, I will restore the Tariffs on all Steel & Aluminum that is shipped into the U.S. from those countries," Trump wrote.

Brazil's President Jair Bolsonaro, an avowed Trump fan who has sought closer U.S. ties, said in local radio interview that he would call his U.S. counterpart, who he was confident would listen to Brazil's concerns.

"Their economy is not comparable with ours, it's many times bigger. I don't see this as retaliation," Bolsonaro said in a radio interview with Brazil's Radio Itatiaia.

"I'm going to call him so that he doesn't penalize us ... Our economy basically comes from commodities, it's what we've got. I hope that he understands ...and I'm almost certain he'll listen to us," he said.

Argentine Production Minister Dante Sica said Trump's announcement was "unexpected" and he was seeking talks with U.S. officials. Additionally, Argentina's Foreign Ministry said it will begin negotiations with the U.S. State Department.

Trump's tweet also urged the Federal Reserve to lower interest rates so countries "no longer take advantage of our strong dollar. Lower Rates & Loosen - Fed!"

Trump has repeatedly urged the U.S. central bank to lower rates to below zero, but Fed policymakers have been reluctant. Fed policy makers hold their next meeting on Dec 10-11.

Pre-market shares in U.S. steelmakers rose on Monday, with United States Steel Corp up 1.2% and AK Steel Holding rising 2.5% before the bell.

In Brazil, steelmakers fell sharply as the market opened but quickly reversed losses. Shares in Brazil's Cia Siderurgica Nacional SA, Usiminas and Gerdau SA were up 1.5%, 1.4% and 0.5% in mid-morning trade, respectively.

Brazil's benchmark Bovespa equities index was up 0.9%. The country's currency, the real, initially fell around 0.5% at the open, nearer to last week's record low. But it recovered to trade stronger at 4.2230 per dollar.

(Writing by Toby Chopra, Hugh Bronstein, Susan Heavey and Gabriel Stargardter; additional reporting by Cassandra Garrison and Maximilian Heath in Buenos Aires, Lisandra Paraguassu in Brasilia, Pedro Fonseca in Rio de Janeiro; Editing by Chizu Nomiyama, Nick Zieminski and David Gregorio)

Stocks mentioned in the article
ChangeLast1st jan.
AK STEEL HOLDING CORPORATION 2.71% 3.41 Delayed Quote.51.56%
COMPANHIA SIDERÚRGICA NACIONAL 1.29% 13.33 End-of-day quote.50.68%
GERDAU S.A. 2.85% 17.67 End-of-day quote.18.62%
HUDSON'S BAY COMPANY -2.88% 8.78 Delayed Quote.25.24%
IBOVESPA -0.28% 110672.01 Delayed Quote.26.57%
USINAS SIDERURGICAS DE MINAS GERAIS S.A. - USIMINAS 1.15% 8.8 End-of-day quote.-2.60%
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Financials (BRL)
Sales 2019 25 639 M
EBIT 2019 5 788 M
Net income 2019 2 031 M
Debt 2019 26 456 M
Yield 2019 9,88%
P/E ratio 2019 8,57x
P/E ratio 2020 7,37x
EV / Sales2019 1,75x
EV / Sales2020 1,67x
Capitalization 18 397 M
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Technical analysis trends COMPANHIA SIDERÚRGICA NACI
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Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 14,95  BRL
Last Close Price 13,33  BRL
Spread / Highest target 41,0%
Spread / Average Target 12,2%
Spread / Lowest Target -9,98%
EPS Revisions
Managers
NameTitle
Benjamin Steinbruch Chairman & Chief Executive Officer
Marcelo Cunha Ribeiro CFO & Executive Director-Investor Relations
Yoshiaki Nakano Independent Director
Antonio Bernardo Vieira Maia Independent Director
Fabiam Franklin Director
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1st jan.Capitalization (M$)
COMPANHIA SIDERÚRGICA NACIONAL50.68%4 387
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NUCOR11.47%17 511
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NIPPON STEEL CORPORATION-6.23%14 807
JFE HOLDINGS, INC.-13.08%7 917