Votorantim Siderurgia, the long steel division of Brazil’s Votorantim Industrial group, saw net revenue increase 6.2 percent in 2015, year-on-year, the company said on Tuesday while releasing its quarterly and full year results.
Votorantim Siderurgia saw net revenue rise to BRL 4.2 billion due to higher prices in Colombia and Argentina, and thanks to the devaluation of the Argentinian peso (ARS) over the US dollar (USD).
Sales volumes in the full year of 2015 remained stable, with no growth at 1.8 million mt, while cost of goods sold in the same period increased nearly 6 percent in 2015, year-on-year, to BRL 3.3 billion, mainly due to higher iron ore in Colombia, “coupled with increased payroll costs in Argentina, reflecting the country’s two-digit inflation,” it explained.
Adjusted EBITDA at Votorantim Siderurgia improved 8.4 percent in 2015, year-on-year, to BRL 464 million, from BRL 428 million in 2014. EBITDA margin slightly rose to 11 percent in 2015 from 10.8 percent in 2014.
Votorantim Industrial, the holding company that manages the group’s operations, posted a BRL 219 million net loss in Q4 and a BRL 382 million net profit in the full year of 2015.