UPDATE 2-Brazil's Usiminas posts loss after delaying results

miércoles 18 de febrero de 2015 14:06 GYT
 

(New throughout, adds background on shareholder battle)

By Stephen Eisenhammer

RIO DE JANEIRO Feb 18 (Reuters) - Brazilian steelmaker Usiminas posted a net loss of 117 million reais ($41.3 million) in the fourth quarter due to low steel demand from a stalling local economy and falling iron ore prices, the company said on Wednesday after delaying its results for several days.

Shares of Usinas Siderurgicas de Minas Gerais SA, as the company is formally known, were up 4.4 percent at 3.76 reais at 1727 GMT in Sao Paulo. Traders expressed relief the company had published results.

The loss was in line with the average analyst forecast of 118.81 million reais for the quarter, according to Thomson Reuters I/B/E/S.

The steelmaker had been scheduled to report results Friday, but the board refused to approve the report. It gave no reason for the delay and did not say when the results might be released.

On Wednesday, there was no immediate information on whether the dispute with the board had been cleared up, but the release of results was approved by a majority of board members with one vote against.

A delay past the end of March would have put the company in breach of Brazilian stock market regulations and might have meant breaking loan agreements.

Usiminas has been rocked in recent months by a tussle between two steel giants that control the company through their share holdings: Ternium SA and Nippon Steel & Sumitomo Metal Corp.   Continuación...