Votorantim Siderurgia, the long steel arm of Votorantim SA, saw its net revenues in Q2 rise 25 percent, year-on-year, to BRL 496 million ($127.5 million), the company said on Monday while releasing its quarterly results.
The company attributed the increased revenues to higher steel selling prices and sales volumes in Argentina, and higher selling prices in Colombia.
Votorantim Siderurgia’s EBITDA margin in Q2 improved to 16 percent, from 12 percent in the same quarter of the year prior. The company’s adjusted EBITDA in Q2 was BRL 79 million ($20.3 million), 61 percent up, year-on-year. Votorantim Siderurgia attributed the improved EBITDA to higher prices and sales volumes in Argentina and by the sales of mining titles in Colombia.
“Votorantim Siderurgia Brasil is now a subsidiary of ArcelorMittal Brasil, and the name of the company is ArcelorMittal Brasil Sul Fluminense (AMBSF). Votorantim S.A. holds a 15 percent stake of the long steel business of AMBSF, and its results of BRL 92 million in Q2 2018 were consolidated in Votorantim S.A.’s results by the fair value of the put option, as a financial instrument,” the company said.