Brazilian steelmaker Usinas Siderúrgicas de Minas Gerais SA (Usiminas) reported loss in the fourth quarter as weak market demand draw down the performance of strong sales and massive turnaround in operations.
Usiminas posted a better-than-expected loss in the fourth consecutive quarter at US$144 million while net revenue slide 5.4% to BRL3.21 billion.
However, a surge in operation earnings before interest, tax and depreciation indicates a sign of recovery.
Chief Executive Julián Eguren said Usiminas aims at cutting costs and boost operational efficiency to pursue better competitiveness.
Source:
http://www.yieh.com/2.2.01.01stainlesssteelnews.aspx?no=63103&division=A6
