As many in the market expected, Gerdau Long Steel North America sent a letter to customers Friday indicating that they are rescinding the $1.00 cwt. ($20/nt or $22/mt) transaction price increase for rebar, which was slated to take effect with shipments as of June 2.
Gerdau's stated reasoning behind the move was to "be competitive"--an implied reference to Nucor failure to follow them with their own price increase.