Votorantim's long steel business reports increased revenues in Q2

Friday, 16 August 2019 20:34:12 (GMT+3)   |   Sao Paulo

Votorantim, a Brazilian holding company operating in several sectors, said net revenues for its long steel business rose 5 percent, year-on-year, in Q2.

The company said combined net revenues for Argentina and Colombia reached BRL 520 million ($130.1 million), up from BRL 496 million ($124.1 million) in Q2 2018.

The company attributed the increased revenues to higher steel selling prices in Argentina, where it owns Acerbrag, and stronger steel sales volumes in Colombia, through local subsidiary Acerias Paz Del Rio.

Votorantim said adjusted EBITDA for its long steel business was BRL 120 million ($30 million) in Q2, 52 percent up, year-on-year, on higher steel selling prices and steel sales volumes, as well as stable costs.

Votorantim said EBITDA margin for its long steel business in Colombia and Argentina grew to 23 percent in Q2, from 16 percent in Q2 2018.

USD = BRL 4.00 (August 16)

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