Brazilian flats steelmaker Usiminas went from a net profit of BRL 171 million ($33.1 million) in Q2 2019 to post a net loss of BRL 395 million ($76.6 million) in Q2 this year, the company said on Thursday.
Usiminas said net revenues in Q2 this year fell 34 percent, year-on-year, and 36 percent, quarter-on-quarter, to BRL 2.42 billion ($470.1 million). Usiminas attributed the decreased quarter-on-quarter revenues to weaker steel sales volumes as a result of Covid-19.
Steel sales volumes in Q2 reached 608,000 mt, 43 percent down, year-on-year, and 42 percent down, quarter-on-quarter. On the other hand, iron ore sales volumes in Q2 rose 7 percent, year-on-year, but declined 14 percent, quarter-on-quarter.
Usiminas posted an adjusted EBITDA of BRL 192 million ($37.2 million) in Q2 this year, 67 percent down, year-on-year. Adjusted EBITDA margin in Q2 fell to 8 percent, from 16 percent in the same quarter of the year prior.
USD = BRL 5.16 (July 30)