CSN

Nov. 10 (Bloomberg) -- Cia. Siderurgica Nacional, Brazil's third-biggest steelmaker, may post its first loss in six years after bets on its own stock soured last quarter. CSN, as the steelmaker is known, may say this week it had a third-quarter loss of 414 million reais ($192 million), compared with a profit of 699.2 million reais a year earlier... The Rio de Janeiro-based steelmaker held 1.98 billion reais of so-called total-return equity swaps tied to its American depositary receipts as of June 30, according to a company filing. CSN's bets that its ADRs would extend a five-year rally turned bad last quarter after commodity prices fell, sending the equities down 52 percent... CSN also took a hit after the Brazilian real plunged 16 percent in the quarter, boosting the size of its dollar- denominated debt in local-currency terms. The increased debt, coupled with expenses related to the bad stock bets, may lead to financial costs of 1.6 billion reais..." http://bloomberg.com/apps/news?pid=20601086&sid=aLHsN.G887R8&refer=news