Brazilian mining company CSN Mineração (CMIN3), a subsidiary of steelmaker CSN, reported a net loss of R$357 million in the first quarter of 2025, decreasing a R$2.0 billion profit from the previous quarter. The loss was largely due to the impact of the exchange rate on its foreign currency cash holdings.

Meanwhile, adjusted net revenue fell by 12.7% quarter on quarter to R$3.41 billion, with seasonality and heavy rainfall affecting transit volumes. However, revenue rose by 21.7% year on year, supported by improved operational efficiency and favorable currency conditions. Gross profit dropped by 34.1% from the previous quarter but increased 28.4% year on year.

Despite the downturn, CSN Mineração’s board approved R$1.3 billion in shareholder returns, including interim dividends and interest on equity, payable by December 31, 2025.