ArcelorMittal said operating income for its Brazilian business in Q4 2019 was $177 million, 55.5 percent down compared to Q4 2018, attributing the year-on-year decrease to a one-time tax credit in Q4 2018 of $202 million.
The company said the Brazil segment’s net revenues in Q4 declined 21.6 percent, year-on-year, and 1.3 percent down, quarter-on-quarter, to $1.9 billion.
EBITDA for Brazil was $240 million in Q4 2019, down from $280 million in the same quarter of 2018.