Brazilian steelmaker Usiminas has announced reduced capex spending for this year to BRL800mn ($150.9mn) from BRL1bn.
The company will resume activities at its No.1 blast furnace and No.1 steelworks at its Ipatinga plant, in the first half of August, it said in a statement, adding that will also resume activities at its Cubatão plant in the second half of August.
The company’s crude steel production fell by 20pc to 1.3mn mt in H1 2020, from 1.6mn mt in H1 2019, while its rolled steel output also saw a reduction of 16pc to 1.7mn mt from 2mn mt in the same period under comparison.
On the other hand, its iron ore production inclined 35pc to 4.1mn mt in H1 2020, from 3mn mt in the prior year period.
Usiminas’ total sales volume decreased 20pc to 1.6mn mt in H1 2020, from 2mn mt in the first half of 2019, while its iron ore sales fell 12pc to 4.1mn mt, from 3.6mn mt.
Usiminas posted a net loss of BRL819mn ($1.16bn) in the first half of this year, compared a net profit of BRL248mn in H1 2019. Its
adjusted Ebitda fell by 28pc to BRL761mn in H1 2020, from BRL1.06bn in the same period the prior year.
The company’s net revenue also dipped by 14pc to BRL6.2bn in the first six months, from BRL7.2bn in H1 2019.