ArcelorMittal Brasil, the Brazilian subsidiary of global steelmaker ArcelorMittal, posted a BRL 1.8 billion net loss in the full year of 2015, the company said on Thursday.
The Brazilian steelmaker attributed the loss to the negative impact of BRL 1.4 billion from Unki de Venezuela, the company’s Venezuelan facility, which faced “economic adversity”, thanks to a scenario of hyperinflation in the country.
ArcelorMittal’s EBITDA in Brazil was BRL 2.59 billion in 2015, nearly 27 percent down, year-on-year.
Net revenues at ArcelorMittal Brasil rose 23.7 percent in 2015, year-on-year, to BRL 22.2 billion, while sales volumes in 2015 totaled 10 million mt, 14.5 percent up, year-on-year, thanks to higher exports from its ArcelorMittal Tubarao mill.
Out of the 10 million mt sales volumes seen in 2015, 51.8 percent was for the export market, with the remaining 48.2 percent destined to the domestic market.