Brazilian holding company Votorantim SA has reported that Q2 net revenues for its long steel business declined by 23 percent, year-over-year, to BRL 398 million ($72.4 million).
The company owns Acerias Paz del Rio in Colombia and Acerbrag in Argentina.
It attributed the weaker revenues in Q2 in Colombia and Argentina to lower steel sales volumes.
Votorantim said adjusted EBITDA for its long steel business in Q2 reached BRL 82 million ($14.9 million), 32 percent down, year-over-year.
EBITDA margin in Q2 was 21 percent, slightly down from 23 percent in the same quarter of the year prior.
$ = BRL 5.50 (August 17, 2020)