Brazilian integrated steelmaker Gerdau said this week it expects president-elect Jair Bolsonaro to improve the country’s competitiveness. Gerdau’s CEO Gustavo Werneck said both the steel and transforming industries are key for helping Brazil resume its growth.
The nation’s GDP dropped 3.5 percent in 2015, year-on-year, and then declined another 3.5 percent in 2016. Last year, in 2017, it rose 1 percent, year-on-year.
Werneck said Gerdau is optimistic about the new president, who promised to conduct “structural reforms,” including a reform in social security and taxes.
“Reforms are fundamental. Once implemented, we can experience a new growth cycle,” he said, while adding he’s upbeat about the specialty steel segment.
The CEO said 2019 should be a good year, as Gerdau plans to resume operations at several units.