This drop is mainly due to reduced sales in its mining segments.

The Brazilian steel company Usiminas has cut its net profit by 93% in the first quarter compared to the same period of the previous year, leaving it with profits of US$ 6.9 million compared to the US$ 104 million achieved between January and March 2023 .

Sales in the first quarter of the year contracted 8.2% year-on-year, which brought Usiminas' turnover to US$ 1,195 million. This drop is mainly due to reduced sales in its mining segments.

Costs have been reduced in this period by 9% year-on-year, mainly due to lower expenses in the steel segment, remaining at US$ 1,118 million.

For its part, the adjusted gross operating result (Ebitda) stood at US$ 79.9 million, 47% below the US$ 150 million registered in the first quarter of 2023. The Ebitda margin was 7%, which represents 4 percentage points less in interannual terms.

Meanwhile, the operating result has decreased to US$ 25 million, 76% less than between January and March of last year.