Brazilian steel and iron ore producer Usiminas posted a net profit of BRL 1.26 billion ($273.3 million) for Q1 2022, 40.5 percent lower than in the previous quarter.
The company attributed the lower earnings to different factors, including non-recurring effects, operational and financial underperformances.
Net sales declined by 3 percent to BRL 7.84 billion and gross profit declined by 16 percent to BRL 1.71 billion.
By volume, steel sales increased by 6.6 percent to 1.135 million mt, of which 867,000 mt in the domestic market, a 9.5 percent increase, while exports declined by 1.8 percent to 268,000 mt.
Iron ore sales declined by 38.1 percent to 1.6 million mt, reflecting production losses due to the intense rainfall that affected the southern region during the period.
USD = BRL 4.61 (April 4)