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Brazil's Usiminas reverses loss as steelmaking revenues rise
April 20, 2017 / 11:17 AM / 8 months ago

Brazil's Usiminas reverses loss as steelmaking revenues rise

SAO PAULO, April 20 (Reuters) - Usinas Siderúrgicas de Minas Gerais SA, Brazil’s largest listed maker of flat steel, reversed a loss in the first quarter in the wake of price hikes and a 4 percent climb in sales volumes.

Net income at Usiminas came in at 108 million reais ($34 million), compared with a fourth-quarter shortfall of 195 million reais, according to a securities filing on Thursday. Earnings before interest, tax, depreciation and amortization fell 10 percent to 528 million reais from the prior three months, the statement said

$1 = 3.1505 reais Reporting by Guillermo Parra-Bernal; Editing by Lisa Von Ahn and Chizu Nomiyama

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