By Reuters Staff
2 Min Read
SAO PAULO (Reuters) - Brazilian steelmaker Usiminas posted a record quarterly profit on Friday, reflecting strong operating results and higher prices for steel as well as tax credit and foreign exchange gains.
Investors were unfazed, as shares were virtually flat in mid-morning trading at 20.65 reais.
The company said it earned 4.5 billion reais ($882 million) in the second quarter, reversing a loss of 395 million reais in the same period last year, when more restrictive measures related to the COVID-19 pandemic were in force, affecting the company’s business.
Steel sales volumes reached 1.3 million tonnes, the highest level since the third quarter of 2014 and more than double than the second quarter of last year. Compared with the first quarter of 2021, it meant an increase of 5%.