Gerdau reports decline in first quarter profits

This decline was mirrored in other key financial metrics, with net sales dropping by 14.1% to $2.57 billion, gross profit falling by 33.3% to $474.4 million, and EBITDA (earnings before interest, taxes, depreciation, and amortization) decreasing by 35.9% to $539 million.

Despite the overall decrease, there was a mixed picture in terms of production and sales volumes. Gerdau saw an 11.7% decrease in steel production, totaling 1.36 million tons. However, sales of steel products saw a modest increase of 2.4%, reaching 1.3 million tons.