Rolled steel production outpaced crude steel output because Usiminas acquired more third-party slab in the fourth quarter – 521,000 tonnes, up by 134% from 223,000 tonnes a year before.
Steel exports were reduced to a minimum during the last quarter in 2020, a move which was more than compensated by the largest domestic shipment volumes since the first quarter of 2015, amid a rapid demand recovery in Brazil.
Steel cash costs reached 2,724 Reais ($506) per tonne in the fourth quarter, an 11.4% quarter-on-quarter increase from 2,445 Reais per tonne.
Usiminas’ mining division benefited from the significant increase in iron ore prices during 2020, amid strong Chinese demand and a limited Brazilian offer, it said.
Iron output also increased last year...