July 26, 2019 / 4:40 PM / 3 months ago

Brazil steelmaker Usiminas plans steel price hike in Q3

SAO PAULO, July 26 (Reuters) - 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 Reporting by Marcelo Rochabrun; Editing by Dan Grebler

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