Brazil's steel and mining company Companhia Siderúrgica Nacional (CSN) reported that the company’s net profit was around R$90.8 million in the third quarter of this year, falling by 67.8% compared to the previous quarter and by 61.8% from the same period a year ago.

During the period, the adjusted EBITDA was R$2.815 billion, a quarter-on-quarter increase of 24% and a year-on-year hike of 4%. The net sales revenue grew by 2% year on year to R$11.12 billion.

Driven by the strong performance of the mining operations, CSN’s iron ore sales increased by 28% to 11.64 million tons.

The company projected that iron ore production, including from third parties, will reach 42 million to 42.5 million tons this year, higher than the previous forecast of 39 million to 41 million tons.