Brazil's Usiminas sticks to revised 2020 capex plan
Brazilian steelmaker and iron ore producer Usiminas will not cut further its 2020 capex due to the COVID-19 crisis.
"We have no additional plan to reduce our capex plans since all the investments that will be made are essential to maintain the company's operations," said Usiminas CEO Sergio Leite during a conference call with analysts on Friday.
Earlier this year, amid the first economic impacts of the coronavirus outbreak, Usiminas reduced the capex plan to 600mn reais (US$107mn) from 1bn reais.
Q1 RESULTS
Usiminas posted a net loss of 424mn reais in the first quarter, reversing a net profit of 76mn reais a year ago.
The loss came on the back of falling sales to troubled Argentina and the initial impact of the pandemic crisis on Brazil's industrial sector.
Leite told the conference call that the company is looking for new markets, mainly in Asia, in order to compensate for weak demand in Argentina.
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