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Financial News: USIMINAS: Company To Keep Iron Ore Unit And

USIMINAS: Company To Keep Iron Ore Unit And Increase Ore Exports

11/22/2017 - 16:14:00 (RTTNews)

(RTTNews) - Brazilian steelmaker Usiminas denied any intention to dispose of Mineração Usiminas (Musa), its iron ore producing unit, at the moment. The current strategy is to improve Musa's results by exporting higher grade iron ore.

Despite admitting that iron ore prices are facing high volatility, the president of Usiminas, Sérgio Leite, said that the company aims at exporting 800,000 tons of iron ore this year and 3 million tons in 2018. He added that a price of US$ 65 per iron ore ton would be favorable for Musa's business.

"Market dynamics have changed a lot. Volume is not the primary driver anymore. Our strategy is to focus on higher productivity and higher quality iron ore," he said.

Leite also commented that Usiminas has no timeframe for resuming activities in its primary production area in Cubatão, and added that a restart would depend on the speed of the Brazilian economic recovery.

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