Gerdau sees profit spike in Q2

Wednesday, 04 August 2021 22:56:22 (GMT+3)   |   Sao Paulo

Gerdau was the third steelmaker in Brazil to see its profit spike in Q2. As with others including Companhia Siderurgica Nacional (CSN) and Usiminas, Brazilian integrated steelmaker Gerdau saw its net profit in Q2 this year surge up 1,149 percent, year-over-year, to BRL 3.93 billion ($758.2 million). Gerdau said it was the company’s biggest quarterly profit ever posted.

Net revenues in Q2 this year rose 119 percent, year-over-year, to BRL 19.13 billion ($3.68 billion). Gerdau attributed the stronger revenue to higher steel sales volumes and higher revenues per mt sold. The steelmaker said steel sales volumes in Q2 this year grew 36 percent, year-over-year, to 3.21 million mt. Crude steel output in Q2 was 3.44 million mt, 42 percent up, year-over-year.

Gerdau reported an adjusted EBITDA of BRL 5.89 billion ($1.13 billion). Adjusted EBITDA margin in Q2 rose to 30.8 percent, from 15.1 percent in Q2 2020.

USD = BRL 5.19 (August 4)

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