Gerdau, Brazil’s largest steelmaker, postponed its Q4 conference call to March 15, as the nation’s federal police raided the company’s offices last week as part of a tax probe.
Gerdau said postponing the quarterly conference call, which was expected on March 1, is “important” so the company can analyze court records regarding the investigation, which alleges fraudulent activities related to the Brazilian board of tax appeals, a unit of the finance ministry.
Last week, Brazil’s federal police raided several offices of local steelmaker Gerdau as part of ongoing investigations known as the Zelotes Operation. Police suspect the company has evaded hundreds of millions of USD in taxes. An arrest warrant was issued last week for the company’s CEO, Andre Gerdau Johannpeter, compelling him to testify.
Gerdau has denied any wrongdoing, claiming it legally hired external experts for technical advice, not for engaging in any tax evasion scheme.