Lower global steel prices and rising input costs are having a negative impact on the sector, according to Brazilian steelmaker Gerdau SA, which stated that its Q3 adjusted net profit decreased by approximately a third on an annual basis.
Gerdau's bottom line for the quarter was BRL 3.02 bln (USD 585 million), down 33.7 percent from the same period last year.
In a securities filing, Gerdau said that its steel sales fell 10% to 2.93 million tons during the quarter, while net revenues were essentially unchanged year over year at BRL 21.15 billion (USD 4.09 bln).
Gerdau characterized the results as "decent" despite continuing cost challenges, saying that a harsher comparison base existed because of the robust volume witnessed a year before.
The materials and information on this article have been prepared or assembled by Viet Nam Steel and are intended for informational purposes only