Brazilian steelmaker Usiminas has reverted a BRL 222 million net profit in Q1 2014 to a BRL 235 million net loss in Q1 2015, according to data released by the company on Thursday.
Usiminas said Q1’s result was affected by a strong currency variation as well as by higher financial expenses.
Steel sales at the company reached 1.25 million mt in Q1, down 12.5 percent year-on-year from 1.43 million, and 1 percent up month-on-month.
Iron sales volume fell 35.7 percent to 1.13 million mt from 1.76 million mt a year ago, and 2 percent quarter-on-quarter.
Usiminas’ net revenue also worsened in the first three months of 2015. Net revenue fell 14.6 percent, year-on-year from BRL 3.14 billion to BRL 2.68 billion. In comparison with the previous quarter, net revenue rose 4 percent from BRL 2.58 billion.
The cost of the products sold by Usiminas declined 7.2 percent year-on-year, from BRL 2.62 billion to BRL 2.43 billion, and 4 percent month-on-month, from BRL 2.52 billion.