Usiminas returns to profit in Q1

Usiminas returns to profit in Q1

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Brazilian flats steelmaker Usiminas went from a net loss of BRL 424 million ($77.8 million) in Q1 2020 to post a net profit of BRL 1.20 billion ($219.8 million) in Q1 this year, the company said on Friday while releasing its quarterly results.

Net revenues in Q1 this year rose 86 percent, year-over-year, to BRL 7.06 billion ($1.2 billion). Usiminas said the revenues it reported in Q1 this year are the company’s biggest since it bought Cosipa in 2009.

Steel sales volumes in Q1 rose 20 percent, year-over-year, to 1.25 million mt, while iron ore sales in the same period declined 12 percent, year-over-year, to 1.94 million mt.

Adjusted EBITDA in Q1 was BRL 2.42 billion ($443.5 million), 325 percent up, year-over-year. Adjusted EBITDA margin in Q1 rose to 34 percent from 15 percent in Q1 2020.

USD = BRL 5.46 (April 23)

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