Brazilian steel and iron ore producer Usiminas reported a net profit of $84.621 million for the second quarter of 2026, representing a decline of 52.2 percent compared to the previous quarter, according to figures published by the company and reported by SteelOrbis. The company attributed the sharp profit decline to a negative financial result and the non-recurrence of the positive impact from deferred taxes that had boosted earnings in Q1 2026. Usiminas emphasized, however, that the drop occurred despite improved operational performance during the quarter.
On the revenue side, net sales revenues rose 4.4 percent to $1.211 billion on a year-over-year quarterly comparison, while the cost of products sold increased by 3.1 percent to $1.052 billion. Gross profit grew by 13.8 percent to $159.4 million, and operational profit surged by 55.1 percent to $114.6 million, signaling underlying business resilience even as the bottom line came under pressure. In volumetric terms, steel product sales declined by 2 percent to 989,000 metric tons during the quarter, while iron ore sales recorded a strong increase of 27 percent, reaching 2.469 million metric tons.
When measured against Q1 2026 on a sequential basis, the picture appears markedly more positive. Net sales revenues fell 7 percent and production costs declined 13 percent, translating into a gross profit increase of 64 percent and an operational profit surge of 334 percent. Net profit on a sequential basis rose 236 percent compared to Q1 2026.
Usiminas published its financial results in Brazilian Real (BRL). All dollar figures cited in this article have been converted at an exchange rate of BRL 5.06 per US dollar, as noted by SteelOrbis. The results highlight a complex picture for one of Brazil's leading integrated steelmakers, where operational improvements are being offset by financial and fiscal headwinds, a dynamic that investors and market analysts will likely monitor closely in the coming quarters.
Source: steelorbis.com