Brazil-based Gerdau saw its net revenues in Q4 decline 17.5 percent, year-on-year, while posting a net loss of BRL 3.07 billion ($1 billion) in the same period, it said on Wednesday while releasing its quarterly results.
Gerdau’s net revenues in Q4 totaled BRL 8.6 billion. The company’s net loss in Q4 was slightly smaller than the BRL 3.17 billion loss it reported in Q4 2015.
Crude steel output totaled 3.32 million mt in Q4, 14.5 percent down, year-on-year, while steel sales volumes in the same period dropped 2.3 percent, year-on-year, to 3.7 million mt. Gerdau attributed the diminished crude steel output in Q4 to lower inventory at its Brazilian and North American segments, as well as to the sale of its Spanish specialty steel units.
As for the full year of 2016, Gerdau posted a net loss of BRL 2.8 billion, down from the BRL 4.5 billion net loss it reported in 2015.