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Bear of the Day

Companhia Siderurgica Nacional (SID), or CSN, stands well-positioned to benefit from its diversified businesses and improving global steel markets. However, it posted rather disappointing third quarter results -- well below the Zacks Estimate of US$0.36 per ADR.

We therefore expect weak results going forward, as the de-stocking process in the Brazilian steel market will lower domestic shipments (87% of sales) and induce exports. Moreover, rising manufacturing cost is a constant cause for worry.

In addition, its mounting debt level, high cyclicality and growing competition in the industry will act as impediments to the company's growth. Anticipating a lack of upside catalysts, we maintain an Underperform recommendation on the stock.

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