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.