Brazilian usiminas announced an increase in price prices by 12%

The Metallurgical Company USMINAS SIDERURGICAS de Minas Gerais SA based in Brazil, which suffered serious losses in the fourth quarter of last year, decided to take revenge and announced the prices of its metal products since March 2013 by 12%. This is stated in the customer newsletter of the company.

Brazilian analysts by Philip Poles and Alex Skiazio say that a rise in metal prices from 6 to 12% in the market accepted "favorably". Local merchants of the metal operating in this way expect to sell previously purchased metal at higher prices, and usiminas itself hopes to increase the company's profit before deduction of interest, taxes, wear and depreciation this year by about BRR 85 million (42.9 million US dollars).