Votorantim posts increased adjusted EBITDA for its long steel business in full-year 2020

Friday, 09 April 2021 18:37:12 (GMT+3)   |   Sao Paulo
       

Brazilian holding company Votorantim SA said its long steel business in Argentina and Colombia posted a stronger adjusted EBITDA in full-year 2020.

Adjusted EBITDA at its long steel business full-year 2020 was BRL 545 million ($92.7 million), 20 percent up, year-over-year. EBITDA margin rose to 22 percent in full-year 2020, from 21 percent in full-year 2019.

Net revenues for its long steel business in full-year 2020 grew 16 percent, year-over-year, to BRL 2.46 billion ($437.3 million). Votorantim attributed the stronger revenues in full-year 2020 in Argentina and Colombia to higher prices in these markets and the depreciation of the Brazilian real (BRL) over the Colombian peso (COP).

“The lockdown period imposed by the Argentinian and Colombian governments as a measure to (fight) Covid-19 led to a reduction in demand and (a halt) in the supply chains in each of these countries,” Votorantim said.

“The rapid response to such a situation in both countries enabled a recovery from the gradual return of operations, driven mainly by the recovery of the domestic economy after the end of the lockdown in both regions,” the company added.

USD = BRL 5.63 (April 9)


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