Usinas Siderúrgicas de Minas Gerais SA, Brazil's largest producer of flat steel products, announced Thursday a strong increase in first-quarter profits on currency gains and reduced costs.
Profit at Usiminas totaled 222 million reais ($99.8 million) during the first three months of the year, compared to 47 million reais in the fourth. In the first quarter of 2013, Usiminas posted a loss of 122.7 million reais.
Sales and production volumes for iron ore fell more than 20 percent in the comparison to the fourth quarter, while production of raw steel remained unchanged. Total net revenue was stable from the previous quarter at 3.1 billion reais as average prices for steel and iron ore rose.