Brazilian longs steelmaker Votorantim Siderurgia saw its net revenues in Q3 rise 3 percent, year-on-year, to BRL 428 million ($130.5 million), the company said while releasing its quarterly results.
The steelmaker attributed the increased revenues to improved prices and sales volumes in Argentina, which were offset by the depreciation of the Argentine peso (ARS) against the Brazilian real (BRL).
Cost of products sold in Q3 increased 4 percent, year-on-year, to BRL 337 million ($102.7 million).
The company’s adjusted EBITDA in Q3 was BRL 75 million ($22.8 million), 1 percent up, year-on-year, while EBITDA margin remained stable at 18 percent in Q3, same as in Q3 2016.
“In Argentina, the expectations for economic growth in 2017 have been confirmed throughout the year and its positive effects continue to reflect in the long steel operations in the country,” the company said.
As for Colombia, net revenues remained stable and adjusted EBITDA in Q3 on a year-on-year basis.
“A slight recovery in prices in the domestic market was not sufficient to offset lower sales volume, still reflecting the slowdown in demand,” the company said.
USD = BRL 3.28 (November 16)