Brazilian steel and iron ore producer Usiminas posted a net profit of BRL 1.64 billion ($330 million) for 2023, 22 percent less than in 2022.
The company ascribed the lower profit to a reduced operating performance, with the operating profit declining by 64 percent to BRL 1.17 billion. The financial result has also played a negative role in the company’s profit, declining by 40 percent to BRL 366.4 million.
In volume, total sales of steel products reached 4.0 million mt, 4.3 percent less on yearly basis. Domestic sales were stable at 3.6 million mt in 2023, while exports declined by 37.3 percent to 382,000 mt.
Due to the revamping of its main blast furnace in 2023, the company increased the acquisition of slabs from third parties by 18 percent to 2.29 million mt,
In 2023, the iron ore production of Usiminas was stable at 8.8 million mt, while sales increased by 4.8 percent to 9.1 million mt, an all-time record for the company, taking advantage of existing inventories.