Brazilian steelmaker Gerdau hopes that demand for steel in the US will still remain high in 2023, despite fears that financial markets may fall into recession due to US interest rate hikes.
Gustavo Werneck, president of Gerdau, said some fundamentals of the US economy remain very strong, for example the labor market is still very hot and his company is having trouble filling open positions.
Gerdau US Unit expected the slowdown in US activities to be alleviated by the investment packages announced by the Joe Biden government.
On the other hand, Gerdau Brazil unit expected a slight growth in steel demand in the country until 2023.
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