Bloomberg News

Santos Brasil May Lose Up to 4 Million Reais Per Day With Strike

February 15, 2013

Santos Brasil Participacoes SA, Brazil’s largest shipping container operator, stands to lose as much as 4 million reais ($2.04 million) a day if port workers proceed with plans to strike over proposed regulatory changes.

“Each day paralyzed is huge for us,” Mauro Salgado, Santos’s chief commercial officer, said today in an interview in Sao Paulo. “We will use all means to keep operating.”

Port union leaders in Brazil, the largest exporter of sugar and orange juice, are considering stopping work this month if President Dilma Rousseff doesn’t accept modifications to a plan to cede control of as many as 95 terminals to private operators. A meeting between government officials and workers in Brasilia yesterday didn’t produce any results and unions will discuss demonstrations and stoppages next week, Paulo Pereira da Silva, head of union Forca Sindical, told reporters.

Santos, based in its namesake port city south of Sao Paulo, declined 0.4 percent to 31.10 reais at 5:36 p.m. in Sao Paulo, the first drop in four trading days.

To contact the reporters on this story: Christiana Sciaudone in Sao Paulo at csciaudone@bloomberg.net; Juan Pablo Spinetto in Rio de Janeiro at jspinetto@bloomberg.net

To contact the editor responsible for this story: James Attwood at jattwood3@bloomberg.net


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