Brazil flats steelmaker Usiminas posted a BRL 123 million net loss in Q2, the company said on Thursday, while releasing its quarterly results.
According to the steelmaker, net loss was reduced to BRL 123 million in Q2 from BRL 781 million in the same quarter of the previous year.
Net revenues in Q2 declined 24.2 percent, year-on-year, to BRL 2.02 billion, and 1 percent, quarter-on-quarter.
Steel sales volumes in Q2 totaled 899,000 mt, down from 1.27 million mt in Q2 2015. Iron ore sales volumes in Q2 declined as well, falling 34.7 percent from 1.20 million mt in Q2 2015 to 787,000 mt in Q2 this year.
Iron ore revenues in Q2 reached BRL 101.3 million.
Adjusted EBITDA in Q2 was BRL 68 million, 70 percent down, year-on-year, while adjusted EBITDA margin in the same period was 3 percent, down from 8 percent in Q2 2015.
Usiminas said Brazil’s steel industry showed some signs of improvement, favoring the retake of production in Q2.
1 USD = BRL 3.29 (July 28)