Brazil-based Gerdau posted a consolidated net profit of BRL 2.94 billion ($586 million) for the first quarter of 2022, against BRL 2.47 billion in the previous quarter.
Net sales increased by 24 percent to BRL 20.33 billion and the gross profit increased by 37 percent to BRL 5.181 billion, while the EBITDA declined by 3 percent to BRL5.827bn.
Although declining from Q4 2021, the EBITDA in Q1 2022 “set all-time highs for a first quarter, with this performance reflecting the current scenario for demand and prices in the steel industry, especially in North America,” the company said.
By volume, the production of crude steel increased by 4 percent to 3.406 million mt, while sales of steel products declined by 3 percent to 3.055 million mt.
In terms of business divisions of the group, during Q1 Brazil was responsible for 42.2 percent of the group’s net sales and 49.8 percent of its EBITDA, while North America had respectively 35.5 percent and 32.6 percent, South America had 8.4 percent and 27.5 percent, and the specialty steels business division had 13.5 percent and 9.1 percent.