CSN Sinks 8% as Wall Street Rout Hits Steel Stocks
Brazil’s CSN fell 8.31% for a fifth straight loss as Wall Street sold off and debt fears grew, while Gerdau and Ternium fell far less. Here is why. The post CSN Sinks 8% as Wall Street Rout Hits Steel Stocks appeared first on The Rio Times .
On Friday, the CSN steel shares plunged by 8.31% to US$0.72, marking its fifth consecutive loss and a 39.4% decrease over five sessions. This decline was triggered by a US stock-market rout, with the S&P 500 plummeting 1.82% due to Intel's earnings and Amazon's AI-spending plans. The credit downgrade of CSN by S&P Global Ratings to a lower junk territory credit grade on October 20th further exacerbated the situation.
Gerdau and Ternium, on the other hand, experienced a lesser decline of 1.69% and 2.39%, respectively, as their earnings are not heavily impacted by debt. The larger losses for CSN were primarily due to its debt structure, while those with steady local demand fared better. The broader steel market saw a decline in Latin American shares, and the SLX exchange-traded fund, composed of these stocks, slipped by 1.88% to US$99.40.
Written by urgent.news from The Rio Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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