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Gerdau reports decrease in second quarter earnings

Gerdau SA experiences a significant drop in net income in the second quarter, despite strong performance in North American markets.

Gerdau reports decrease in second quarter earnings

Brazilian steelmaker Gerdau SA reported a 56% decrease in net income for the second quarter of 2024. The company's net income decrease to USD 155 million in the quarter, down from USD 358 million in the previous quarter. Despite this decline, the company's net sales increased by 2.5% compared to the previous quarter, driven by strong sales performance in its North American operations.

In North America, Gerdau achieved an adjusted EBITDA margin of 21.2%, boosted by sustained strong demand in the industry and the positive effects of government economic and industrial stimulus programs in the US. However, this margin was down by 3% from the previous quarter, reflecting a decline in selling prices. The company's Brazilian operations performed relatively weaker, posting a lower EBITDA margin of 8.7%.

Gerdau, the largest recycler of ferrous scrap in Latin America, continues to process 11 million metric tons of scrap into steel annually. The company also operates electric arc furnace mills and metal recycling facilities in the U.S. and Canada, demonstrating its commitment to sustainable production processes.

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