ArcelorMittal said EBITDA for its Brazilian business in Q1 dropped 29.1 percent, year-on-year, to $219 million. The company attributed the weaker EBITDA at its Brazil segment to lower steel shipments volumes.
The company said Brazil net revenues in Q1 fell 26.1 percent, year-on-year, to $1.59 billion. Operating income for ArcelorMittal Brazil in Q1 was $150 million, down from $239 million in Q1 2019.
The Brazil segment’s crude steel output in Q1 totaled 2.67 million mt, 11 percent down, year-on-year.