Usinas Siderúrgicas de Minas Gerais S.A.

USIM5.SA

Steel · Basic Materials

Price

R$6.98

+0.43 (+6.56%)

Market Cap

R$7.59B

Exchange

B3 S.A.

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 24, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Mixed

Valuation

Data not available

Dividends

Good

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Winston Score History

The full picture

Usiminas is one of Brazil's largest steelmakers. It produces flat steel products like hot-rolled and cold-rolled sheets used by automakers, appliance manufacturers, and construction companies. The company also has a mining division that extracts iron ore, a key raw material for steelmaking.

Usiminas earns revenue by selling steel products and iron ore, primarily within Brazil. It operates major steel mills in Minas Gerais and São Paulo states, giving it logistical advantages in serving Brazil's industrial heartland. The company benefits from its scale and long-standing relationships with major industrial customers. However, recent margins have been under pressure, with negative operating income reflecting weak steel pricing and high costs. A recovery in Brazilian industrial demand and the company's ability to control costs will be critical factors going forward.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-7.5% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+275.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

R$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

49.5%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

R$8.5B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Usinas Siderúrgicas de Minas Gerais S.A.'s revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 1.23B (2021) → 1.23B (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

13.2%

Thin — 13.2% gross margin

Profit after running costs

Operating Margin

8.2%

Modest — 8.2% operating margin

Return on the money invested

ROCE

-3.8%

Weak — -3.8% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-7.5%

Shrinking sales (-7.5% YoY)

Profit growth

EPS YoY

-732.2%

Earnings shrinking (-732.2% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

6.9%

Modest free cash flow (6.9%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.31

Conservative — low debt load (0.31)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

16.15%

Healthy income — 16.15% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

-24.5%

Dividend cut (-24.5% YoY) — warning sign

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