Speaking on a conference call with analysts about the group's Q3 2026 results, Gerdau CEO Gustavo Werneck said that the main driver of improved results in Brazil will be higher iron ore production at the Miguel Burnier mine in the southeastern state of Minas Gerais.
In Q3 2026, Brazil accounted for 19.1 percent of the group's EBITDA and 45.4 percent of its steel shipments, while North American operations accounted for 76.4 percent of EBITDA and 44.2 percent of shipments.
With the US market protected by high import tariffs, steel prices there are estimated to be 75 percent higher than in Brazil, which explains most of the gap in financial performance between Gerdau's US and Brazilian operations.
Gerdau's Miguel Burnier project involves estimated investments of $640 million to raise iron ore output to 5.5 million mt per year and lift the average iron content to 65 percent. The ore will supply Gerdau's integrated Ouro Branco steelworks, with additional volumes sold to third parties.
