Gerdau, one of Brazil's leading global steelmakers, reported a 45.1% year-on-year decline in fourth-quarter net profit due to geopolitical uncertainties and difficulties in global steel production. Gerdau said it may accelerate the downsizing of its operations in Brazil due to difficult market conditions and large imports of steel, especially from China.
Gerdau has filed a formal request for an investigation into dumping against Chinese steel exports. In 2023, Brazil's steel imports reached a record high of 5 million tons, accounting for 25% of the country's demand.
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