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Steel giant ArcelorMittal's crude steel output from its units in Brazil declined 7% to 2.38Mt in the second quarter of 2014 from 2.56Mt in 2Q13.
BNamericasSteel giant ArcelorMittal's crude steel output from its units in Brazil declined 7% to 2.38Mt in the second quarter of 2014 from 2.56Mt in 2Q13.
ArcelorMittal's steel shipments from Brazil in Q2 reached 2.31Mt, down from 2.49Mt in the same period of the previous year, the company said in its quarterly earnings release.
"Flat product steel shipment volumes increased 5.4% in 2Q14 following operational issues during Q1 in the hot strip mill in Tubarão, offset by lower long products steel shipment volumes (down 5.8%), with lower exports from our Point Lisas operating facility in Trinidad," the release reads.
Brazil sales rose 3.2% to US$2.43bn in the quarter compared to Q1. "Sales were higher primarily on account of higher average steel selling prices (+4.4%). Average steel selling price for long products were higher by 5.5% driven in part by forex, while prices for flat products marginally declined by 0.1%."
Ebitda for Brazilian operations totaled US$414mn in Q2, down 22.3% year-on-year and 2.4% quarter-on-quarter, mostly due to additional costs associated with the re-start of the ArcelorMittal Tubarão blast furnace No.3.
"The long product business performance remained relatively stable. Ebitda in 2Q14 was lower compared to 2Q13 by 22.3%, primarily due to lower steel shipment volumes (-7.0%) and additional costs incurred in 2Q14 following the re-start of ArcelorMittal Tubarão blast furnace."
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