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Gerdau's net income tumbles in 3d qtr.

Keywords: Tags  Gerdau, steel shipments, special steel, quarterly earnings, Ana Paula Camargo

SÃO PAULO — Gerdau SA’s net profit declined in the third quarter amid lower steel shipments.

Net income totaled 408 million reais ($200.7 million) for the period, down 42.8 percent from 713 million reais a year earlier, the Brazilian steelmaker said in its third-quarter financial report.

Gerdau’s consolidated steel shipments decreased to 4.77 million tonnes during the third quarter, down 10 percent year on year.

Brazilian steel shipments fell 7 percent to 1.79 million tonnes on a reduction in exports due to lower international prices and decreased profitability.

Special steel shipments totaled 625,000 tonnes between July and September, down 15 percent year on year, mainly due to a drop in sales by the company’s units in Brazil and Spain.

The exception was the North American business segment, which logged an 8-percent increase in shipments to 1.76 million tonnes.

Between July and September, sales increased 10 percent from the corresponding period last year, reaching 9.81 billion reais ($4.83 billion).

This growth reflects the increase in net sales per tonne shipped by all business operations, the company said.

A version of this article was first published by AMM sister publication Steel First.

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