Usinas Siderurgicas de Minas Gerais SA (Usiminas), a major Brazilian steel company, has recently reported about its financial performance in 2012.
The report turns out negative – the company got losses equal to $270,8 million during the reporting period.
For comparison sake, the company’s net profit during the previous reporting period was equal to $404.1 million. Therefore this is a major year-over-year income decline.
The company’s gross profit declined by 49% in 2012 while the proceeds declined b 7% during the reporting period.
At the same time, Usiminas had to boost its operating expenses by 29% while its financial expenses boosted by 18%.
The steel production was increased by 7% up to 7.158 million metric tons while the company’s sales increased up to 6.881 million metric tons.
For reference sake, Usiminas is Brazil’s second largest company in terms of still production. This is a major supplier for the country’s construction sector.
As for Brazil itself, It is the biggest producer of steel in Latin America. It accounts for 75% of the region’s steel industry.
The chart below, courtesy of , reflects the current state of affairs in the market of USNZY:
