The steel long product division of Brazilian industrial group Votorantim saw net revenues decline 20 percent in 2016, year-on-year, to BRL 1.56 billion, the company said this week while releasing its full-year and Q4 results.
According to Votorantim, EBITDA margin at its long steel business remained near 2015 levels at 19.4 percent. In 2015, the indicator reached 19.6 percent.
Votorantim said the company’s long steel results in 2016 didn’t include operations in Brazil, since the country’s assets were classified as “available for sale.” Earlier this year, Votorantim announced it merged its longs steel operations with ArcelorMittal Brazil. Long steel operations in Argentina and Colombia were not included in the transaction.
Adjusted EBITDA for the longs division in 2016 was BRL 304 million, 21 percent down, year-on-year.