The Brazilian steelmaker Usiminas reported net earnings of R$1.2 billion in the first quarter of this year, compared to a loss of R$424 million in the same period last year, mainly due to the strong demand for steel in the country that pushed an increase in steel prices.

During the first quarter of the year, the company sold 1.25 million tons of steel, an increase of 20% compared to the same period last year. At the same time, the sales of iron ore were down by 12% to 1.94 million tons in this period.

For the second quarter of this year, Usiminas estimated that the volume of steel sales will reach between 1.2 million and 1.3 million tons.