Citi cuts Usiminas target to BRL 9 as Usiminas stock faces mining risk

Published on 10/16/2026 at 00:34 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Citi cut its target from BRL 10 to BRL 9 on October 14, 2026. Usiminas stock faces a BRL 588 million third-quarter EBITDA estimate.

Analyst caution and operating figures

Citi cut its Usiminas target from BRL 10 to BRL 9 on October 14, 2026.
Usiminas reported adjusted EBITDA of BRL 761 million and a 12 percent margin for the second quarter of 2026.
Usiminas stock was last at BRL 6.72 on October 15, 2026, on B3.

Usiminas, BRUSIMACNOR3, Illustration mit AI erstellt.

Usiminas (BRUSIMACNOR3) faces a lower analyst target after BP Money reported on October 14, 2026, that Citi reduced its target from BRL 10 to BRL 9. The bank also projected consolidated EBITDA of BRL 588 million for the third quarter of 2026, with mining profitability under pressure.

Mining pressure shapes the estimate

The immediate risk is operational rather than purely valuation-driven. BP Money reported that about one-third of Usiminas' mining capacity was interrupted in September, while the steel division was expected to remain relatively stable. Citi therefore took a more cautious view of short-term cash flow and the mining contribution.

Three dates show the shift

On February 10, 2026, Ternium completed the acquisition of an additional 21.8 percent stake in Usiminas, according to Simply Wall St. On July 30, 2026, Usiminas reported adjusted EBITDA of BRL 761 million and a 12 percent margin for the second quarter of 2026 in its earnings call carried by Yahoo Finance. On October 14, 2026, Citi cut its target to BRL 9.

What comes next for results?

Usiminas is scheduled to publish its third-quarter 2026 results on October 30, 2026, according to BP Money. The second-quarter call showed adjusted EBITDA rising with better steel prices and mix, but mining sales volume and margins remained exposed to freight costs. Management also reduced 2026 capital expenditure guidance from BRL 1.4 billion to a range of BRL 1.2 billion to BRL 1.4 billion.

Brazilian quote stays the market anchor

Usiminas was last at BRL 6.72 on B3 on October 15, 2026, at 5:05 p.m. BRT. The quote stood below Citi's new BRL 9 target, while the company's latest reported EBITDA and the upcoming October 30 reporting date give investors two concrete reference points.