Brazil's Usiminas books $402 mln in asset impairments as crisis bites
SAO PAULO Feb 18 (Reuters) - Usinas Siderúrgicas de Minas Gerais SA lowered the value of mining, steel and other assets by 1.6 billion reais ($402 million) in the fourth quarter, as Brazil's largest flat steel producer grapples with plunging sales and soaring debt.
Belo Horizonte, Brazil-based Usiminas said in a securities filing on Thursday that the accounting value of mining assets was written down by 1.2 billion reais, with the so-called asset impairment in the steelmaking division totaling 357.2 million reais.
The value-added steel transformation unit suffered an impairment in the value of assets of about 56 million reais, the filing added.
($1 = 3.9802 Brazilian reais) (Reporting by Guillermo Parra-Bernal)
© Thomson Reuters 2016 All rights reserved.