9,549.89 TRY BIST 100 BIST 100
4.79 CNY CNY CNY
34.57 USD USD USD
36.25 EUR EUR EUR
0.13 CNY CNY/EUR CNY/EUR
40.55 TRY Interest Interest
74.60 USD Fossil Oil Fossil Oil
30.71 USD Silver Silver
4.16 USD Copper Copper
100.33 USD Iron Ore Iron Ore
364.00 USD Shipbreaking Scrap Shipbreaking Scrap
2,961.97 TRY Gold (gr) Gold (gr)

Gerdau aims to increase its competitiveness in the steel market

Brazilian steelmaker Gerdau aims to improve its competitiveness in the steel market by cutting costs and refraining from raising prices.

Gerdau aims to increase its competitiveness in the steel market

The company's CEO Gustavo Werneck stated that the company's vision is to reduce costs, not increase prices. The market expects Gerdau to make progress on its cost-cutting plan this year and reap the benefits of this strategy in the next fiscal year.

Gustavo Werneck also referred to last month's introduction of a quota for imported steel and a 25% tax on the surplus. He expects more from the government as the Foreign Trade Secretariat under the Ministry of Development has already approved a trade defense measure and an antidumping trade defense measure for some products.

Gerdau is under pressure due to the growing presence of Chinese steel in the market. The company's commercial policy, its negotiations with customers in the construction and automotive sectors, and its price quotations for Chinese steel have come under scrutiny. Gerdau's shares have fallen by 25% in a year, while its chairman Werneck believes it is impossible to compete with subsidized steel.

The company operates in seven countries, including the US, Canada, Mexico, Argentina, Uruguay, Peru and Brazil. The 12% rise in the commercial dollar against the real in the second quarter affected Gerdau, which operates in seven countries. The executive believes that the American currency is important in decision-making but not in the long-term vision.

Comments

No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In

Most read news

Linde Gas Polska cooperates with ArcelorMittal Poland

Monday, November 25, 2024

Rising local scrap prices and import patterns in UAE's steel sector

Monday, November 25, 2024

Downward trend in the Turkish steel market: Rebar and billet prices under pressure

Monday, November 25, 2024

SAIL signs deal with Danieli to set up bar mill in Durgapur

Monday, November 25, 2024

BENTELER supplies CliMore® sustainable tubes to the construction industry

Monday, November 25, 2024
Follow List
Expand
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.


There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now