Usiminas Q1 Profit Jumps 166% on FX Gains

Usiminas posted Q1 net profit of 896 million reais, up 166% YoY, far exceeding LSEG forecast of 190.9 million reais.
Net revenue fell 14% to 5.87 billion reais; sales dropped 8% to 1 million tonnes and iron ore sales fell 12% to 1.95 million tonnes.
FX gains from the Brazilian real’s appreciation lifted profit, enabling the company to surpass analysts’ expectations.
Usiminas forecasts stable steel sales in Q2 but warns of higher costs due to raw material, energy and freight price pressures.