Brazil steelmaker Gerdau Q3 net profit slips on cost pressures

Brazilian steelmaker Gerdau SA on Wednesday reported that its quarterly adjusted net profit fell by about a third on a yearly basis, as lower global steel prices and rising input costs take their toll on the industry, Qazet.az reports.

The bottom line reached 3.02 billion reais ($587.09 million), down 33.7% from a year earlier though roughly in line with forecasts, as analysts polled by Refinitiv had expected a net income of 2.97 billion reais in the period.