Companhia Siderurgica Nacional: Brazil's Integrated Industrial Conglomerate Could Be A Steal

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ZMK Capital


  • With China’s COVID-induced economic shutdown and tight US monetary policy, commodity prices have hit a natural hardtop.
  • Declines in iron ore prices and industrial steel have naturally followed.
  • A new leftist Brazilian government highlights the risks of taking risk on exposure to Latin America’s biggest economy.
  • Changes in China’s Covid policy could provide some serious upside.

Steel sheet coils


Macro-economic Overview

A progressive reopening of the Chinese economy coupled with Brazilian political reform could spell serious upside for industrial national icon’s like Companhia Siderurgica Nacional (NYSE:SID).

The company’s positioning across steel, mining, logistics and energy positions it extremely well

Inflation figures - Brazil

Source: Trading Economics

Leading Economic Indicators

The Conference Board

Industrial Assets - CSN

Companhia Siderurgica Nacional

Company revenues


Analyst forecasts


This article was written by

ZMK Capital profile picture
ZMK Capital is a Southeast Asian based prop trading desk focusing on long/ short macro set ups globally. Additionally, the desk publishes equity specific research, ETF overviews, earnings plays and macro-economic analysis. Current focal points include the global energy market, natural resources, macro-economics, interest rates and Fx. Beyond managing money in these markets, interests include data science linked to securities markets, game theory & professional sports.Feel free to direct message ZMK if you are interested in being part of a community of prop traders, investors & money managers.

Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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