Full year 2016 financial results from Brazilian flats steelmaker Usiminas improved from the BRL 3.6 billion ($1.18 billion) net loss posted in 2015, but the company still posted a full year net loss of BRL 577 million ($186.5 million) for 2016.
As for Q4, the company saw its net loss decline from BRL 1.6 billion ($520 million) in Q4 2015 to BRL 195 million ($63 million) in Q4 2016.
Usiminas’ net revenues in 2016 totaled BRL 8.4 billion ($2.72 billion), 17 percent down, year-on-year. In Q4, the company’s net revenues were BRL 2.1 billion ($680 million), 11.8 percent down, year-on-year.
Cost of products sold in Q4 declined 24.7 percent, year-on-year, to BRL 1.86 billion ($600 million). Adjusted EBITDA in Q4 was BRL 234 million ($75.6 million), up from a negative adjusted EBITDA of BRL 250 million ($80.8 million) in Q4 2015.
Adjusted EBITDA margin came to 11 percent in Q4, up from a negative margin of 10 percent in the same quarter of 2015.
1 USD = BRL 3.09 (February 17)