The R930M charge covered everything up to 2009 I think. I have no idea if they owe any more, but I doubt it. GGB is facing a huge tax problems down there which is hurting that stock so be careful with it if you have any...................From their report I thought Brazil auto sales would be hurt due to a VAT tax that was imposed in December by the government until July I believe. Brazil February auto sales are up 10.3% so SID might be acting better going forward since autos account for a big portion of their steel.
I'm not sure. I think that may be it but the deal was to allow people to pay a chunk then the remaining over 179 months. Vales was huge but I think CSN isn't.
They announced the amount back in November I believe but I didn't factor in Namisa when I was thinking how things would go.
I thought the overall results were good and with the increased iron ore production and all other segments equal we should have nice eps growth.
The SID portion of it was in-consequential with it spread over a long period. What blindsided everybody except for insiders and perhaps some fund managers was Namisa. I am surprised that SID did not give a heads up way back in Nov regards the Namisa hit - they should have with such a huge material hit!
Even today - most SID investors don't know the full extent of the Namisa hit going forward!
Does anybody know the details of the Namisa hit going forward?