Votorantim Siderurgia, the long steel arm of Brazilian conglomerate Votorantim SA, said net revenues in Q1 increased 15 percent, year-on-year, to BRL 416 million ($113.5 million), according to holding company Votorantim SA while releasing its quarterly results.
The company attributed the increased revenues to price hikes and improved sales volumes in Argentina, as well as higher selling prices in Colombia.
The holding company said adjusted EBITDA at Votorantim Siderurgia was at BRL 45 million ($12.2 million) in Q1, slightly up from BRL 44 million ($12 million) in Q1 2017.
Votoratim SA also explained Votorantim Siderurgia Brasil is now a subsidiary of ArcelorMittal Brasil, which was renamed ArcelorMittal Brasil Sul Fluminense (AMBSF).
Votorantim SA has a 15 percent stake in the long steel business of AMBSF, and its results are now consolidated with Votorantim SA’s results by the “fair value of the put option, as a financial instrument.”
Votorantim Siderurgia’s EBITDA margin in Colombia and Argentina slightly declined to 11 percent in Q1 this year from 12 percent in Q1 2017.
The holding company Votorantim SA posted a net profit of BRL 150 million ($40.9 million) in Q1 this year.
USD = BRL 3.66 (May 15)