The Brazilian Gerdau group posted a consolidated net profit of BRL 1.356 billion ($233.7 million) for Q3 2024, against BRL 1.592 billion achieved in Q3 2023.
Net sales declined by 1.8 percent to BRL 17.378 billion, the gross profit declined by 7.7 percent to BRL 2.577 billion, and the EBITDA declined by 8.1 percent to BRL 2.917 billion.
In volume, the production of crude steel increased by 6.3 percent to 2.978 million mt, while sales of steel products increased by 2.7 percent to 2.829 million mt.
In terms of business divisions of the group, considering Q3 2024, Brazil was responsible for 37.9 percent of the group’s net sales and 37.2 percent of its EBITDA, while North America had respectively 37.5 percent and 37.7 percent, South America had 8.2 percent and 7.5 percent, and the specialty steels business division had 16.4 percent and 17.6 percent.
According to the company, the Brazilian steel market continues to be challenged by high penetration of imported steel, despite the implementation of import quotas four months ago.
The approval, on October 18, of a 25 percent import tax for 11 families of steel products will cover 31 percent of its sales in Brazil, the company said, adding that it remains “actively participating, along with the Brazilian steel institute (IABr) in discussions with the Brazilian government to encourage new measures that bring more balance to the industry".
USD = BRL 5.80 (November 06)