The company also attributed the lower Ebitda to the depreciation of the Brazilian Real.
“The Brazilian Real devaluation of 6% year-on-year was not enough to offset the London Metal Exchange prices decrease across all base metals,” it said.
But its aluminium production was up 27% from the year before and is expected to rise further as it ramps up after recent technical maintenance.
The aluminium division made a gross profit during the quarter of BRZ 57M ($28.2M) with net revenue from sales and services of BRZ 716M.
The company has the largest share of the aluminium market in Brazil.