Brazilian investment bank upbeat on local steel industry in 2018

Friday, 12 January 2018 21:56:50 (GMT+3)   |   Sao Paulo

Brazilian investment bank BTG Pactual said it is upbeat on the local steel industry in 2018. BTG analysts Leonardo Correa and Gerard Roure said this week they are “more optimistic than ever” in the sector.

The two analysts said they expect EBITDA for local steelmakers Companhia Siderurgica Nacional (CSN), Usiminas and Gerdau this year to increase 12, 18 and 7 percent, respectively.

The analysts said concerns over Chinese demand for steel were mitigated by the country’s inventory, which are now at low levels, keeping the nation’s interest in the product strong.

The recent price hikes in the steel Brazilian steelmakers sell to the local automotive industry also provide support to BTG’s optimism.

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