Gerdau Group announced Q1 net profit results

Gerdau Group announced Q1 net profit results

Brazilian steelmaker Gerdau has announced its profit for the first quarter of 2003. According to the data released, Gerdau's net profit recorded a 32.7% increase in Q1 of this year and grew up to Reals 287.3 million (approx.$98 million) when compared with same period last year. Gerdau's crude steel production increased 32.7% to 3 million tons and rolled products output reached to 2.1 million tons with an increase of 44.2%. These production increase reveals the effect of the merger that took place between Co Steel's North American operations with Gerdau Ameristeel. Furthermore, Gerdau's North American mill recorded Reals 22.4 million operational loss in the first quarter compared to same period last year due to higher scrap and energy costs. Meanwhile, the group's Brazilian and other South American mills announced the operation profits as Reals 287.4 million and Reals 22.3 million respectively.