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Brazilian Usiminas posts first loss in two years
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Reportedly, Usiminas, Brazil’s largest steel maker of flat rolled products posted first net loss in two years as expenses surged and revenue tumbled.
Usiminas reported a net loss of 37 million reais in the quarter. Its vulnerability to swings in the value of Brazil’s currency limited the source of raw materials and energy.
Meanwhile, flagging global economy and raising competitive pressures all led to the first quarter results.
The company’s output has been estimated to drop by 6.2% to 1.672 million tons from a year earlier, net revenue also has been forecasted 5.8% to 2.886 billion reais.
News Date
4/24/2012 10:17:12 AM
reported by
Kate Hsieh
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