Brazil's Usiminas posts larger-than-expected loss on asset writedown

jueves 18 de febrero de 2016 06:23 GYT

SAO PAULO Feb 18 (Reuters) - Brazilian steelmaker Usinas Siderúrgicas de Minas Gerais SA, which is wrestling with a soaring debt burden, posted a bigger-than-expected quarterly loss on Thursday after management wrote down the value of key assets and revenue slipped.

Usiminas, as the Belo Horizonte, Brazil-based company is commonly known, reported losses of 1.626 billion reais ($408 million) for the fourth quarter, worse than the average estimate of 464 million reais loss in a Reuters poll of analysts.

Management will discuss results at a conference call with investors on Thursday. Usiminas announced the size of the writedown, totaling 1.6 billion reais, earlier in the day.

($1 = 3.9808 Brazilian reais) (Reporting by Guillermo Parra-Bernal; Editing by Daniel Flynn)