SAO PAULO: Brazilian steelmaker Usinas Siderurgicas de Minas Gerais has raised prices by 40% in some automotive contracts beginning January and will apply the same prices to new contracts to be signed in March and April, executives said in a call with analysts on Friday.

The company will resume operations of its Ipatinga furnace by June, one of the executives said. The company will use its cash flow first to finance capital expenditures and also to reduce debt, according to Chief Financial Officer Alberto Ono.