|
Main operational and
financial indicators in the 2Q19
1.
Steel sales volume of 1.1
million tons;
2.
Iron ore sales volume of
1.8 million tons;
3.
Consolidated Adjusted
EBITDA of R$576 million and Adjusted EBITDA margin of 15.6%;
4.
Working capital on
06/30/19 of R$4.2 billion;
5.
Cash position on 06/30/19
of R$1.2 billion;
6.
Investments of R$105
million.
Highlights
|
R$ million -
Consolidated
|
2Q19
|
1Q19
|
2Q18
|
Chg.
2Q19/1Q19
|
Chg.
2Q19/2Q18
|
1H19
|
1H18
|
Chg.
1H19/1H18
|
|
Steel Sales Volume (000 t)
|
1059
|
1004
|
977
|
5%
|
8%
|
2063
|
2066
|
0%
|
|
Iron Ore Sales Volume (000 t)
|
1772
|
1896
|
1386
|
-7%
|
28%
|
3668
|
3192
|
15%
|
|
Net Revenue
|
3694
|
3532
|
3204
|
5%
|
15%
|
7226
|
6448
|
12%
|
|
COGS
|
-3088
|
-3036
|
-2621
|
2%
|
18%
|
-6124
|
-5253
|
17%
|
|
Gross Profit (Loss)
|
606
|
496
|
583
|
22%
|
4%
|
1102
|
1195
|
-8%
|
|
Net Income (Loss)
|
171
|
76
|
-19
|
125%
|
-
|
248
|
138
|
79%
|
|
EBITDA (Instruction CVM 527)
|
570
|
474
|
497
|
20%
|
15%
|
1044
|
1119
|
-7%
|
|
EBITDA Margin (Instruction CVM 527)
|
15%
|
13%
|
16%
|
+ 2 p.p.
|
- 0 p.p.
|
14%
|
17%
|
-3 p.p.
|
|
Adjusted EBITDA
|
576
|
488
|
519
|
18%
|
11%
|
1063
|
1160
|
-8%
|
|
Adjusted EBITDA Margin
|
16%
|
14%
|
16%
|
+ 2 p.p.
|
- 1 p.p.
|
15%
|
18%
|
-3 p.p.
|
|
Investments (CAPEX)
|
105
|
89
|
67
|
19%
|
58%
|
194
|
132
|
47%
|
|
Cash and Cash Equivalents
|
1245
|
1773
|
1104
|
-30%
|
13%
|
1245
|
1104
|
13%
|
MINING
The
average international iron ore market reference price for 62% Fe in the
2Q19 was US$100.11/ton, an increase of around 21.1% compared to the 1Q19,
which had an average of US$82.70/ton and 53.1% in comparison to the same
period of the previous year of US$65.38/ton.
Iron
ore 62% Fe was negotiated in April at US$87.90/ton, ending the quarter at
US$117.95/ton. This was driven by a record monthly steel production in
China in May, by concerns in the market in relation to the continuity of
ore supply and by the fall in ore inventories in China to 120 Mt, due to
the decline in supply from Brazil and Australia.
Operational and Sales
Performance - Mining
In
the 2Q19, production volume was 1.7 million tons, a 30.7% increase
compared to the previous quarter, which was 1.3 million tons, mainly by
the partial resumption of the Samambaia Plant. Sales volume was 1.8
million tons in the 2Q19, against 1.9 million tons in the 1Q19, a 6.6%
decrease, due to lower sales volumes for exports and to Usiminas,
partially compensated by domestic market third-party sales, due to a new
contract for the sales of fines.
|
Iron Ore
|
|
Thousand tons
|
2Q19
|
1Q19
|
2Q18
|
Chg.
2Q19/1Q19
|
Chg.
2Q19/2Q18
|
1H19
|
1H18
|
Chg.
1H19/1H18
|
|
Production
|
1748
|
1337
|
1338
|
31%
|
31%
|
3085
|
2699
|
14%
|
|
Sales - Third Parties - Domestic Market
|
540
|
416
|
136
|
30%
|
297%
|
956
|
303
|
216%
|
|
Sales - Exports
|
683
|
868
|
681
|
-21%
|
0%
|
1551
|
1765
|
-12%
|
|
Sales to Usiminas
|
549
|
612
|
569
|
-10%
|
-4%
|
1161
|
1124
|
3%
|
|
Total Sales
|
1772
|
1896
|
1386
|
-7%
|
28%
|
3668
|
3192
|
15%
|
Related
Link: Official
Document
|
