Usiminas´ Profit Surges

Brazilian steelmaker Usiminas saw its net profit climb 53 percent year-on-year in the second quarter to $355 million as higher steel prices offset weak domestic demand. Revenue rose 26 percent to $1.45 billion. The company expects inventory levels in the US and Europe to fall and production and sales to rise to normal levels in the fourth quarter. Usiminas exports 25 percent of its products.