AT A GLANCE: Usiminas reports record-high sales on strong iron ore, steel prices

A summary of production figures and financial results from Brazilian steelmaker Usiminas in the fourth quarter and full-year 2020, as stated in its earnings report published on Friday February 12.

In brief

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...

Published

Renato Rostás

February 12, 2021

14:55 GMT

São Paulo