Brazilian integrated steelmaker Gerdau has announced its financial and operational results for the first quarter of the current year.
The company registered a net profit of BRL 2.47 billion ($454.89 million) compared to a net profit of BRL 221 million recorded in the same period of the previous year. The company’s net revenues in the first quarter this year rose 77 percent year on year and 20 percent quarter on quarter to BRL 16.34 billion ($3.01 billion) amid higher shipments and the appreciation of the US dollar against the Brazilian real.
Meanwhile, in the first quarter this year, Gerdau’s adjusted EBITDA was BRL 4.31 billion ($796.11 million), up by 41 percent quarter on quarter.
In the given quarter, the company produced 3.15 million mt of crude steel down by one percent year on year and falling by seven percent quarter on quarter, due to planned maintenance. Gerdau’s steel sales volume in the first quarter totaled 3.08 million mt, up by 15 percent year on year amid the recovery in key consumer sectors, while it decreased by four percent compared to the previous quarter due to lower exports from Brazil.