Nonvoting shares of Usiminas (USIM5.SA), Brazil's biggest flat steel maker, lost 19 percent in the past year on concern over rising raw material costs and climbing imports of steel products into Brazil. Some investors foresee a rough ride for Usiminas as it could suffer more with rising iron ore and coal prices. Profit margins could narrow further and market share losses are likely, they added. But recent management actions aimed at bolstering Usiminas' mining unit and speculation that some key shareholders could back an integration with a rival could propel the stock.
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