On February 19, 2009 Brazilian steelmaker Gerdau announced its financial results for the year 2008.
Accordingly, the company reported an annual net income of Reais 4.9 billion ($2.055 billion) in 2008, up 15 percent from earnings of Reais 4.3 billion ($1.805 billion) in 2007.
The company's EBITDA (earnings before interest, taxes, depreciation and amortization) reached Reais 10.02 billion ($4.206 billion), up 60.6 percent from Reais 6.24 billion ($2.615 billion) in 2007, while the company's net revenue amounted to Reais 41.9 billion ($17.56 billion) in 2008, up 36.9 percent from 2007.
Gerdau's steel production capacity totaled 26 million mt in 2008. In the year in question Gerdau recorded crude steel production of 19.6 million mt, up 9.4 percent year on year. The company registered total shipments of 19.1 million mt in 2008, 11.4 percent higher than in 2007.