Usiminas to reduce financial debt

Usiminas to reduce financial debt

According to recent market news, Brazilian flats producer Usiminas targets to reduce its consolidated financial debt by a further $300 million this year. Company's financial debt was $2.5 billion at the end of third quarter of 2003. This figure was $300 million lower than the same period of 2002. Usiminas plans to use cash flow and various financial operations to reduce its debt. Company also expects domestic steel market to grow by 7% in 2004.