Brazil flats producer Usiminas posted a diminished net loss in Q1 compared to the year-ago quarter, despite a net revenue decline of 23.8 percent, year-on-year, to BRL 2.04 billion.
The struggling steelmaker posted a BRL 151 million net loss in Q1, 35.7 percent down, year-on-year, from a BRL 235 million net loss seen in the same quarter of the year prior.
The company’s steel sales volumes declined 28.1 percent, year-on-year, to 903,000 mt in Q1. Following the same downtrend, iron ore sales volumes in Q1 diminished 14.5 percent, year-on-year, to 974,000 mt.
Brazil’s largest flat steelmaker posted a BRL 52 million adjusted EBITDA in Q1, down from a BRL 380 million adjusted EBITDA reported in Q1 2015. Adjusted EBITDA margin declined to 3 percent in Q1 from 14 percent in Q1 2015.