Brazilian flats steelmaker Usiminas went from a net loss of BRL 395 million ($76.9 million) in Q2 2020 to post a net profit of BRL 4.54 billion ($884.5 million), the company said this week while releasing its quarterly results.
Usiminas said the net profit it reported in Q2 this year was the company’s biggest quarterly profit it has ever reported. Net revenues in Q2 this year spiked 296 percent, year-over-year, to BRL 9.59 billion ($1.87 billion). Steel sales volumes in Q2 this year rose 116 percent, year-over-year, to 1.31 million mt. Iron ore sales volumes in Q2 totaled 2.05 million mt, 8 percent up, year-over-year.
Adjusted EBITDA totaled BRL 5.06 billion ($987.2 million), up from BRL 192 million ($37.3 million). Adjusted EBITDA margin in Q2 was 53 percent, up from 8 percent in Q2 2020.
USD = BRL 5.15 (July 30)