Brazil-based Gerdau S.A. announced Thursday a net income of R$420 million (US$254.7 million) in Q4 2010, and R$2.5 billion (US$1.5 billion) for the whole of 2010, an increase of 144 percent from the R$1 billion (US$600 million) net income the company recorded in 2009.
In Q4 2010 Gerdau shipped 4.5 million metric tons (mt) of steel, and a total of 17.4 million mt in 2010, a 24 percent increase compared to 2009 shipments due to improvement in the world auto industries, as well as the expanding construction and manufacturing industries in Brazil.