Brazilian long steel producer Votorantim Siderurgia, which is part of the Votorantim Industrial group, saw its net revenues in Q3 decline 18 percent, year-on-year, to BRL 927 million ($272.5 million), the company said this week while releasing its quarterly results.
According to the steelmaker, the weaker performance of the Brazilian economy "drove down sales volumes, particularly of rebar."
As for Argentina, Votorantim Siderurgia experienced higher sales prices in the Argentine peso (ARS), which compensated the company's lower volumes in the country. EBITDA margin also remained stable in ARS terms.
In Colombia, a strike by the local truck drivers "limited sales volumes and compressed EBITDA margin," the company said.
Votorantim Siderurgia's adjusted EBITDA in Q3 was BRL 86 million, 43 percent down, year-on-year.
The Votorantim Industrial group posted a BRL 149 million net profit in Q3, up from the BRL 89 million net loss it reported in the same quarter of the previous year.
1 USD = BRL 3.40 (November 29)