The Brazilian steel and iron ore producer, Usiminas, announced a net profit of BRL 3.0 million ($524,000) for 2024, a significant drop from the BRL 1.6 billion net profit reported in 2023. The company attributes this sharp decline to net exchange rate losses during the year.
Net sales revenues fell by 6 percent to BRL 24.210 billion, while the cost of goods sold also decreased, leading to a gross profit of BRL 1.660 billion. Operational expenses increased by 17 percent, resulting in an operational profit of BRL 500 million, a 38 percent decline from the previous year.
Usiminas faced a negative financial result of BRL 595 million in 2024, primarily due to a net negative impact of exchange rate variations amounting to BRL 544 million. Despite the challenges, the company reported a 6 percent increase in steel product sales, totaling 4.262 million metric tons. However, iron ore sales declined by 6 percent, reaching 8.468 million metric tons.
