Brazilian flats producer Usiminas sees profit spike in Q4

Brazilian flats producer Usiminas sees profit spike in Q4

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Brazilian flats steelmaker Usiminas said net profit in Q4 2020 spiked 613 percent, year-over-year, to BRL 1.91 billion ($355.7 million), according to quarterly results released Friday.

Usiminas said net revenues in Q4 2020 rose 41 percent, year-over-year, to BRL 5.47 billion ($1.01 billion). The flats producer said the figure is the company’s highest-ever quarterly revenue level.

According to Usiminas, steel sales volumes in Q4 2020 grew 12 percent, year-over-year, to 1.13 million mt. Iron ore sales volumes in Q4 2020 totaled 2.27 million mt, 9 percent down, year-over-year.

The company said adjusted EBITDA in Q4 2020 was BRL 1.60 billion ($298.9 million), 243 percent up, year-over-year. Adjusted EBITDA margin in Q4 2020 reached 29 percent, from 12 percent in Q4 2019.

USD = BRL 5.37 (February 12)

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