Global steelmaker ArcelorMittal saw its net revenues in Brazil rise 23.2 percent year-on-year in Q2, and 13.9 percent, quarter-on-quarter, to $1.8 billion.
ArcelorMittal said the quarter-on-quarter increase in sales in Q2 was due to higher steel shipments “offset in part by lower average steel selling prices (-3.4 percent) driven in part by foreign [currency] exchange.”
The company’s operating income in Brazil was $128 million in Q2, 14 percent down, year-on-year, from $149 million in Q2 2016.
ArcelorMittal’s EBITDA in Brazil fell 5.6 percent in Q2, year-on-year, to $201 million, and 18 percent, quarter-on-quarter, on a negative price cost impact and a weaker product mix.
Lower EBITDA was offset in part by higher steel shipment volume, the company said, adding EBITDA in Q1 2017 included a $21 million provision reversal.
ArcelorMittal’s Brazilian steel output in Q2 was stable at 2.7 million mt when compared to Q1, but declined from 2.8 million mt in Q2 2016.