Brazilian flats steel producer Usiminas said net profit in Q4 declined 33 percent, year-on-year, to BRL 268 million ($61.1 million). Net revenues in the last quarter of 2019 reached BRL 3.87 billion ($890.1 million), 13 percent up, year-on-year.
Steel sales volumes in Q4 dropped 2 percent, year-on-year, to 1 million mt. Iron ore sales volumes in Q4 totaled 2.4 million mt, 65 percent up, year-on-year. Usiminas said average selling 62 percent Fe content iron ore prices in Q4 was $88.59/mt.
Usiminas posted a gross profit of BRL 296 million ($68 million) in Q4, 21 percent down, year-on-year. Adjusted EBITDA in Q4 was BRL 468 million ($107.5 million), 44 percent down, year-on-year. Adjusted EBITDA margin in Q4 reached 12 percent, down from 24 percent in Q4 2018.
USD = BRL 4.35 (February 14)