Brazil steel producer Companhia Siderurgica Nacional (CSN) posted a net revenue of 4.4 billion reais (US$1.95 billion) in the first quarter (Q1) of the year, 20 percent up year-over-year, the company said on Friday.

Gross profit increased by 69 percent to $577 million and adjusted EBITDA reached $621 million, 60 percent up over the $399 million recorded in Q1 of 2013.

The steel industry accounted for 64 percent of CSN's net earnings in the period, it said to investors. Mining accounted for other 26 percent, logistics for 7 percent, cement for 2 percent and energy for 1 percent.

Steel exports decreased to 26 million mt in Q1 from 51million mt in Q4 2013, the company said. However, CSN subsidiaries outside Brazil increased sales to 352 million mt in Q1 over 330 million mt in the previous quarter.

CSN said all investments in Q1 totaled $157 million.