During a quarterly conference call Tuesday, Brazilian flat rolled steelmaker Usinas Siderurgicas de Minas Gerais SA, or Usiminas, said that it will remain cautious in Q4 amid uncertain economic conditions, and will likely keep its flat rolled steel and plate prices relatively unchanged from Q3 to Q4.
The decision comes as Usiminas recorded net income of 154 million reais (US$88 million) in Q3, a 70 percent decline from the same period a year ago. In addition to a decline in the value of the Brazilian real, raw materials costs were attributed as one of the main causes of lower earnings. Profits were, however, almost unchanged from Q2 2011.