ArcelorMittal Brazil had to turn to the export market to find a way out of the recession affecting Brazil in the past few years, according to a media report. The company said it decided to resume a blast furnace amid a scenario of declining demand for still domestically.
However, the company turned to the export market to generate about 40 percent of its revenues of BRL 17.2 billion ($5.4 billion) in 2016. ArcelorMittal said about 65 percent of its exports in Brazil came from its Tubarao mill, located in the city of Vitoria, in the state of Espirito Santo.
Last year, ArcelorMittal reported a BRL 803 million ($254 million) net profit, thanks mainly to exports.