Brazilian iron ore and pellet producer Samarco reported a net loss of $1.118 billion for the first quarter of 2026, more than 11 percent less than the $1.258 billion net loss recorded in the same period a year earlier.
The results reflect costs related to compensation paid to victims of the Fundao dam collapse in 2015 year, with operations restarting in 2020.
In Q1 2026, Samarco's net sales increased 2 percent compared to Q1 2025 to $403.6 million, and production costs decreased 29 percent to $203 million, resulting in a 17 percent decline in gross profit to $200.6 million. dollars.
Negative financial result in the amount of $1.253 billion. in the 1st quarter of 2026, against the backdrop of a negative result of $1.820 billion in the 1st quarter of 2025, became the main factor in the net loss.
According to the company, the negative financial result was mainly due to currency fluctuations on liabilities ($965 million) and the accrual of financial expenses associated with reparation obligations ($371 million).
By volume, pellet sales decreased by 5 percent to 2.6 million tonnes, while sales of iron ore fines increased fivefold to 600,000 tonnes.
The average pellet price achieved reached US$130.3 per tonne, down 8 percent year-on-year.
Samarco maintains its Phase 3 project, opening the final stage of the restart of operations, returning the company to full capacity of 30 million tonnes per year. year.
