Brazilian steel and iron ore producer Usiminas has achieved a net profit of BRL 544 million ($108 million) in Q1 2023, reversing a net loss of BRL 839 million incurred in the previous quarter. When comparing to the same quarter in 2022, the net profit declined by 56.9 percent.
In the comparison to the previous quarter, net sales revenues declined by 5.29 percent to BRL 7.255 billion and the EBITDA increased by 35.2 percent to BRL 783 million.
Under the same comparative basis, steel sales increased in volume by 7.11 percent to 934,000 mt, while iron ore sales declined by 21.5 percent to 1.883 million mt.
For the revamping of its blast furnace number 3, the company is investing a total of BRL 2.7 billion, with an estimation of 110 days of stoppage, between April and August 2023.
In addition to the usual volume of steel products in stocks, the company had 82,000 mt of slabs in Q3 2022, 351,000 mt in Q4 2022 and 449,000 mt in Q1 2023 to compensate for the loss of slabs production during the stoppage of the blast furnace number 3.
USD = BRL 5.04 (May 2)