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Usiminas to increase iron ore exports through Sudeste port

Brazil flat steel and iron ore producer Usiminas said it could increase its share of iron ore exports through the Sudeste port, which is being built in Itaguai, Rio de Janeiro.

Talking to journalists in the sidelines of the Brazil Steel Congress, which was held in Sao Paulo, Brazil, Mr Julian Eguren, CEO of Usiminas, said that the port is expected to be completed by the end of 2014 or the begining of 2015.

The port is owned by MMX, Mubadala and Trafigura. MMX has a 35% stake in the project, while Mubadala and Trafigura own the other 65%.

The port is located in the city of Itaguai, in the state of Rio de Janeiro and should have a capacity to transport up to 100 million tonne of iron ore.

Usiminas plans to expand its iron ore capacity from eight to 12 million tonne. However, to reach that capacity, the company would need to load at the Sudeste port the exceeding volumes of the product.

Mr Eguren said that “As for other steel products, the company is forecasting higher exports for the 2nd half of the year, as domestic consumption is expected to decrease, the company hopes steel prices will be stable in the period.”

He said that “Figures for the second half of the year will be very similar to those we saw in the second quarter of 2014 but exports are expected to increase.”

Usiminas net revenues in the Q2 of the year reached BRL 3.1 billion, as a result of better average prices for steel in the domestic market, compared to the same quarter of 2013.

Source – steelorbis


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