Brazilian steel producer Usiminas' net profit plunges in 2024
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Update time : 2025-02-18 17:09:39
According to Brazilian steel and iron ore producer Usiminas' financial report, the company's net profit in 2024 was only R$3 million, compared with R$1.6 billion in 2023, around a 99.8% decrease.
During the period, net sales revenue fell by 6% to R$25.87 billion, the cost of products sold fell by 6% to R$24.21 billion, and gross profit fell by 7% to R$1.66 billion.
The company's financial performance in 2024 was negative at R$595 million, which was attributed to the sharp decline in performance to net exchange rate losses during the year, with a net negative impact of R$544 million.
In terms of sales volume, steel sales volume grew by 6% to 4.26 million tons, and iron ore sales volume decreased by 6% to 8.47 million tons.
