Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Brazilian steelmaker Usiminas hopes to raise steel prices in the local market by 2% or 3% in the third quarter, due to higher international iron ore prices, company executives said on Friday.
Usiminas released quarterly earnings earlier in the day, posting net income of 171 million reais ($45.5 million), reversing losses from a year earlier and sending its share price up 1.5% in Sao Paulo trading.
Executives said in a call with analysts that they had revised downward their projection for investments during 2019, to 800 million reais, from a previous estimate of 1 billion.
($1 = 3.7619 reais)
(By Marcelo Rochabrun; Editing by Dan Grebler)
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