Brazilian flats steelmaker Usiminas posted a BRL 19 million ($5.11 million) net loss in Q2 this year, despite increased net revenues, the company said on Friday while releasing its quarterly results. Net revenues in Q2 rose 25 percent, year-on-year, to BRL 3.2 billion ($861.5 million).
Steel sales volumes in the second quarter of the year dropped to 977,000 mt, when compared to 990,000 mt in the same quarter of 2017. Iron ore sales volumes in Q2 surged 120.3 percent, year-on-year, to 1.3 million mt, from 629,000 mt in Q2 2017.
Usiminas said EBITDA in Q2 was BRL 497 million ($133.5 million), while adjusted EBITDA in the same period totaled BRL 519 million ($139.5 million). Both EBITDA and adjusted EBITDA were down from BRL 711 million ($191 million) and BRL 750 million ($201 million) in Q2 2017, respectively. Additionally, EBITDA margin fell to 16 percent in Q2, from 28 percent in Q2 2017.