Brazilian integrated steelmaker Gerdau has announced that its net profit in the fourth quarter of 2020 surged by 939 percent year on year and rose by 33 percent quarter on quarter to BRL 1.06 billion ($195.50 million), due to higher sales in Brazil and North America. The company’s net revenues in the fourth quarter rose 43 percent, year on year and 11 percent quarter on quarter to BRL 13.62 billion ($2.52 billion).
In 2020, the company’s net profit totaled BRL 2.39 billion ($441.71 million), increasing by 96 percent, while its net revenues amounted to BRL 43.82 billion ($8.10 billion), up by 11 percent, both year on year.
In the fourth quarter last year, Gerdau’s adjusted EBITDA was BRL 3.06 billion ($565.22 million), up by 43 percent quarter on quarter, while in 2020 its adjusted EBITDA was BRL 7.69 billion ($1.42 billion), increasing by 34 percent year on year.
In the given quarter, the company produced 3.37 million mt of crude steel up by 14 percent year on year and rising by five percent quarter on quarter, supported by the continued recovery in demand in the various countries where the company operates. Gerdau’s steel sales volume in the fourth quarter totaled 3.22 million mt, up by five percent year on year amid shipments to the domestic market and North America, increasing slightly by one percent compared to the previous quarter.