Brazilian flats steelmaker Usiminas saw its net profit in Q1 decline 51.5 percent, year-on-year, to BRL 76 million ($19.2 million), the company said this week, while releasing its quarterly results.
Usiminas said gross profit in Q1 was BRL 496 million ($125.9 million), down from BRL 612 million ($155.4 million) in the same quarter of the year prior.
Net revenues in Q1 rose 8.8 percent, year-on-year, to BRL 3.53 billion ($896.7 million). Steel sales volumes in Q1 reached 1 million mt, slightly down from 1.08 million mt in Q1 2018.
Iron ore sales volumes in the first quarter of the year totaled 1.8 million mt, nearly 5 percent up, year-on-year.
Usiminas said EBITDA in Q1 dropped 23.7 percent, year-on-year, to BRL 474 million ($120.3 million). EBITDA margin in Q1 was 13 percent, down from 19 percent in Q1 2018. Both EBITDA and EBITDA margin indicators follow the Brazilian securities exchange commission (CVM) standards.
Usiminas also said it plans to invest BRL 1 billion ($253.7 million) this year.
BTG Pactual, a shareholder at Usiminas, has also indicated their own candidates for the Usiminas fiscal board.