2024-02-09 15:30:15
© Reuters.
SÃO PAULO (Reuters) – Usiminas (BVMF:) raised steel prices for distributors in Brazil by around 6% at the beginning of this month, with the adjustment having already been fully implemented, said the steel company’s commercial vice-president, Miguel Camejo, this Friday.
“It was completely implemented,” said the executive about the adjustment during a conference with analysts. Earlier, Usiminas announced that it had a net profit of 975 million reais in the fourth quarter, reversing negative results recorded a year earlier.
The executive also commented that the company concluded negotiations on steel supply contracts that expire in January with vehicle manufacturers in the country, granting a discount on alloy prices of between 9% and 12%.
According to Camejo, these contracts correspond to 25% to 30% of Usiminas’ sales to the automotive sector.
Usiminas now hopes to agree on a second wave of negotiations with automakers, on contracts that expire in April, with the same level of discount granted in January, said the executive.
(By Alberto Alergi Jr.)
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