Iron ore majors ramp up supply even as China faces challenges
Iron ore is one of the year’s worst performing major commodities, slumping by almost a quarter as China’s property crisis drags on.
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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