July 28, 2017 / 11:08 AM / 2 years ago

Brazil's Usiminas posts unexpected Q2 profit on steel rebound

SAO PAULO, July 28 (Reuters) - Usinas Siderúrgicas de Minas Gerais SA, Brazil’s largest listed maker of flat steel products, on Friday posted an unexpected second-quarter profit, boosted by higher steel prices and sales volumes, according to a securities filing.

Net income at Usiminas jumped 62 percent from the prior three months to 176 million reais ($56 million), contrasting with a consensus estimate of a 32 million reais net loss.

Earnings before interest, taxes, depreciation and amortization rose 35 percent to 711 million reais.

$1 = 3.1539 reais Reporting by Bruno Federowski and Aluisio Alves; Editing by Bernadette Baum

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