Votorantim Siderurgia, the long steel arm of Brazilian holding company Votorantim SA, saw net revenues in the full-year 2017 rise 6 percent, year-on-year, to BRL 1.65 billion ($496.8 million), the company said this week while releasing its quarterly results.
Votorantim Siderurgia attributed the increased revenue to higher steel selling prices and volumes in Argentina. Currently, Votorantim SA only owns the Argentinian and Colombian businesses, as it merged it Brazilian long steel business with ArcelorMittal Brazil last year.
As a result of the deal, Votorantim Siderurgia Brazil became a subsidiary of ArcelorMittal Brazil. The holding company Votorantim SA has a 15 percent stake of the combined long steel business, which represents 2.99 percent of ArcelorMittal Brazil.
Votorantim Siderurgia said cost of products sold in 2017 rose 11 percent, year-on-year, to BRL 1.3 billion, due to higher met coal prices Colombia.
Adjusted EBITDA in 2017 reached BRL 272 million ($81.4 million), 11 percent down, year-on-year. EBITDA margin dropped to 16 percent in 2017 from 19 percent in 2016, the company said.
USD = BRL 3.33 (April 4)