Brazilian steelmaker Aço Verde do Brasil (AVB), which is part of the Ferroeste Group, expects to double its revenues this year to BRL 2 billion ($350.8 million), according to a media report by Valor.
As for 2022, the company expects to increase net revenues to BRL 3 billion ($526 million). The company is currently operating at half its capacity. AVB should produce 300,000 mt of steel this year, and the company expects to reach an output level of 600,000 mt by 2025.
As for H1 this year, AVB reported revenues of BRL 865.9 million ($151.8 million), 138 percent up, year-over-year, according to Valor. EBITDA in H1 2021 was BRL 400.8 million ($70.3 million), 265 percent up, year-over-year.
The company has launched its first debt bond, the CRA, which is an agriculture-linked receivable bond, of about BRL 250 million ($43.8 million). The company plans to use the proceeds of the bond for working capital to help it buy raw materials and to pay debt.