Usiminas Q1 Net Profit Surges 166% YoY

Usiminas posted Q1 net profit of 896 million reais, up 166% YoY, far exceeding LSEG consensus of 190.9 million reais.
Revenue fell 14% to 5.87 billion reais as volumes dropped 8% to 1 million tonnes and iron ore sales fell 12% to 1.95 million tonnes.
FX gains from real appreciation drove profit beat; Q2 outlook expects stable steel volumes but higher raw material, energy and freight costs.
Usiminas is controlled by Ternium (NYSE:TX), linking its performance to the broader global steel market.