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Brazilian steelmaker Usiminas reported a net profit of 108mn reais (US$34.4mn) for Q1 after posting losses for 10 consecutive quarters.
The figure compares with a net loss of 151mn reais in 1Q16, Usiminas said in an earnings release.
Adjusted Ebitda rose to 533mn reais from 51.6mn reais in 1Q16, the company's best result in 11 quarters. The adjusted Ebitda margin increased to 22.7% from 2.5%.
Net revenue rose to 2.35bn reais from 2.04bn reais, the company said.
Crude steel production fell 7.18% year-on-year to 737,000t. Steel sales volume increased to 930,000t from 903,000t, Usiminas said.
The company's mining arm, Mineração Usiminas, produced 681,000t of iron ore in 1Q17, compared with 701,000t a year earlier. Iron ore sales decreased to 643,000t from 974,000t.
Usiminas' consolidated gross debt at the end of the first quarter was 6.88bn reais, down 1% when compared with the previous quarter, and down 7% year-on-year, the steelmaker said.
Debt by maturity composition was 8.9% in the short term and 91.1% in the long term.