Usiminas must cut size to cope with Brazil recession, CEO says
SAO PAULO Nov 12 (Reuters) - Usinas Siderúrgicas de Minas Gerais SA must downsize in order to better cope with the worst economic recession in Brazil in a quarter century and plunging demand for flat steel products, Chief Executive Officer Rômel de Souza said at an event on Thursday.
The company known as Usiminas is capable of producing 9 million tonnes of steel annually, Souza said, while consumption in Brazil is expected at 11 million tonnes this year. A capital increase to bolster Usiminas finances has been ruled out for the time being, Chief Financial Officer Ronald Seckelmann said at the same event. (Reporting by Walter Brandimarte; Writing by Guillermo Parra-Bernal)
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