Usiminas goes from loss to profit in Q3

Thursday, 29 October 2020 21:01:37 (GMT+3)   |   Sao Paulo

Brazilian flats steelmaker Usiminas said on Thursday it went from a net loss of BRL 139 million ($24 million) in Q3 2019 to post a net profit of BRL 198 million ($34.2 million) in Q3 2020.

Net revenues in Q3 this year rose 14 percent, year-over-year, and 81 percent, quarter-over-quarter, to BRL 4.3 billion ($759 million).

Steel sales volumes in Q3 reached 934,000 mt, 10 percent down, year-over-year, but 54 percent up, quarter-over-quarter. Iron ore sales volumes in Q3 declined 7 percent, year-over-year, but improved 21 percent, quarter-over-quarter, to 2.2 million mt.

Adjusted EBITDA margin in Q3 grew to 19 percent, from 11 percent in Q3 2019 and from 8 percent in Q2 this year.

The company reported an adjusted EBITDA of BRL 826 million ($143 million) in Q3, 87 percent up, year-over-year.

USD = BRL 5.77 (October 29)

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