Brazil's Usiminas recognizes $321.3 mln steelmaking assets impairment

Kitco Media
By Reuters
Published:
Updated:
Reuters
SAO PAULO, Feb 10 (Reuters) - Brazil's Usiminas said on Friday it had recognized an impairment loss of 1.7 billion reais ($321.29 million) related to the value of its steelmaking assets, while scrapping a previous 293 million-real impairment related to mining assets. The company said the move would weigh on its fourth quarter results. Usiminas in a separate statement also provided fresh forecasts for this year, saying it expects capital expenditure to reach 3.2 billion reais in the period.
($1 = 5.2911 reais) (Reporting by Gabriel Araujo; Editing by Steven Grattan)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.