March 2, 2018 / 9:53 PM / 3 months ago

Brazil's Usiminas plays down impact of possible U.S. steel duties

SAO PAULO, March 2 (Reuters) - Usinas Siderúrgicas de Minas Gerais SA, Brazil’s largest flat steel producer, said on Friday that new duties on imported steel expected to be adopted by the United States will not have a major impact on it.

The company, known as Usiminas, said that in the past, following an event when the United States lifted import taxes, it opted to seek other export markets.

Usiminas said that in 2017 it exported around 15 percent of its production, only 4 percent of which went to the United States. It said Argentina and Germany are now the main markets abroad, with 29 percent and 28 percent of total exports, respectively.

Usiminas shares closed down 4 percent on Friday in Sao Paulo and were among the biggest losers among companies in the Ibovespa index. (Reporting by Alberto Alerigi Jr Writing by Marcelo Teixeira Editing by Leslie Adler)

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