Brazilian iron ore mining company and flat rolled steelmaker Usinas Siderurgicas de Minas Gerais (Usiminas) reported that in Q3, the company lost R124.85 million (US$62 million) due to weak iron ore sales. In Q2, Usiminas lost R86.51 million, and had net earnings of R154.03 million in Q3 2011.
The R3.38 billion in revenues in Q3 were offset by higher costs--both revenue and costs rose by 5.1 percent on a quarter-over-quarter basis.