Companhia Siderurgica's (SID) third-quarter top line declines, year on year, owing to lower sales of steel in the foreign market and less favorable pricing in mining.

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Moody's Investors Service ("Moody's") assigned a B2 rating to the proposed senior unsecured notes of at least $500 million due up to 10 years to be issued by CSN Islands XI Corporation and unconditionally guaranteed by Companhia Siderurgica Nacional (CSN) (B2 stable). The proposed issuance is part of CSN's liability management strategy and net proceeds will be used to fund a tender offer for the totality of CSN's outstanding notes due in 2020 and to pay down other existing debt maturing in the short term. The rating of the proposed notes assumes that the final transaction documents will not be materially different from draft legal documentation reviewed by Moody's to date and assume that these agreements are legally valid, binding and enforceable.

Brazil steelmaker Gerdau on Friday announced several production cuts, including temporarily shutting down one of its blast furnaces, following in the footsteps of its domestic competitors as the coronavirus outbreak has harmed demand. Overall, Brazil's steelmakers have been cutting down on steel production since the outbreak began affecting markets. In the past few days, in addition to Gerdau, Usinas Siderurgicas de Minas Gerais said on Thursday it would shut down two more blast furnaces, bringing the total to four.

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The steel industry is part of the basic materials sector and consists of companies involved in steel production, mining, and related activities. Although steel has historically been a major U.S. industry, the number of steel mills that produce the metal has declined sharply in the past several decades due to foreign competition.

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Moody's Investors Service ("Moody's") assigned a B2 rating to the proposed senior unsecured notes of at least $500 million due up to 10 years to be issued by CSN Island XI Corporation and unconditionally guaranteed by Companhia Siderurgica Nacional (CSN) (B2 stable). The proposed issuance is part of CSN's liability management strategy and net proceeds will be used to fund a tender offer for the totality of CSN's outstanding notes due in 2020 and to pay down other existing debt maturing in the short term. The rating of the proposed notes assumes that the final transaction documents will not be materially different from draft legal documentation reviewed by Moody's to date and assume that these agreements are legally valid, binding and enforceable.

In the latest trading session, Siderurgica Nacional (SID) closed at $3, marking a +0.5% move from the previous day.

Companhia Siderúrgica Nacional ("CSN") (NYSE: SID) announced today that its subsidiary, CSN Resources S.A. ("CSN Resources"), has commenced a cash tender offer (the "Tender Offer") for any and all of its outstanding 6.50% Senior Unsecured Guaranteed Notes due 2020 (the "Notes") (144A CUSIP / ISIN Nos. 12644VAA6 / US12644VAA61 and Reg S CUSIP / ISIN Nos. L21779AA8/USL21779AA88).

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Is (SID) Outperforming Other Basic Materials Stocks This Year?

Brazilian steelmaker Companhia Siderurgica Nacional posted a net loss of 871 million reais ($216 million) in the third quarter due to the depreciation of the local currency, as well as a drop in value of its stake in another mining company. The company has a stake in Usiminas, another steelmaker, that CSN said lost more than 300 million reais in value during the quarter.

CSN posted a net loss of 871 million reais ($216 million) in the quarter ending in September, the company said in a statement. CSN was also impacted by delays in resuming operations at one of its blast furnaces. The company has a stake in Usiminas, another steelmaker, whose value CSN said declined by more than 300 million reais during the quarter.

The NASDAQ Needs No Break

Retail brokerage XP Inc's founder and chief executive called on the Brazil's government to launch a Marshall Plan-style program to combat the economic effects of the coronavirus outbreak, according to local newspaper O Estado de S. Paulo, citing a Sunday call with other top executives. Guilherme Benchimol, founder of the brokerage which last year conducted one of Brazil's highest profile initial public offerings, said he feared the ranks of joblessness in the country could skyrocket to 40 million people from roughly 12 million as a consequence of the pandemic. "Measures taken by the Brazilian government so far are like a drop in the ocean," Benchimol said in the call, according to Estado, warning of a risk of people going hungry as well as a potential increase in murders.

Here are 5 stocks added to the Zacks Rank 5 (Strong Sell) List today

Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.