Paranapanema completes first copper shipment to India

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Thursday, April 7, 2016

Brazilian metal products manufacturer Paranapanema announced on Thursday it had completed its first shipment to India.

Copper wires and rods sales to the Asian country totaled 2.5mn reais (US$674,000) and are part of the company's strategy to develop new international markets, Paranapanema, Brazil's largest refined copper producer, said in a release.

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The first shipment, described as a trial run, was aimed at ensuring products are of the right specifications for the local market, it added.

The company has been trying to offset a slowdown in domestic demand with exports. Paranapanema said this strategy, in addition to a weakening real, allowed it to grow sales volumes and net revenue last year compared with 2014.

Net revenue increased 14% to 5.37bn reais in 2015, with exports accounting for 58%.

Paranapanema forecasts exports accounting for more than 60% of revenue this year.

It has also increased exports to other countries in Latin America and to the Middle East and Africa.

The company is focused on copper products, which account for around 98% of its revenues.

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