Usinas Reports Drop In Q3 Profit

Usinas Siderurgicas de Minas Gerais SA USNZY reported a decline in its Q3 profit. Usinas' quarterly net profit fell to 154 million Brazilian reais ($88 million), from BRL514 million, in the year-earlier period. Its net revenue declined to BRL3 billion from BRL3.24 billion. Usinas' earnings before interest, taxes, depreciation and amortization (EBITDA) fell to BRL343 million from BRL735 million. Usinas shares closed at $6.76 yesterday.