Oct 10, 2008. /Lesprom.com/. Brazil's largest industrial conglomerate, Grupo Votorantim, said that it spent 2.2 billion reais ($967 million) to eliminate all its foreign currency derivatives exposure. Votorantim joined companies such as pulp producer Aracruz and meat processor Sadia in announcing massive trading losses in currency derivatives. They were hit by the quick depreciation of the Brazilian real BRBY against the U.S. dollar in the past few months. Companies were betting the real, which has fallen around 32% since its peak a few months ago as global financial markets deteriorated, would continue to gain. "The group renews its commitment to preserve its assets, adapting its future investments to the new global outlook," Votorantim said in a statement, without giving more details. Votorantim, a family-controlled company, has a diverse business portfolio, which includes banking, metals and mining, pulp and paper, cement, agribusiness and chemicals.