Gerdau S.A., one of the largest steelmakers in Brazil, has reported its financial results for the first quarter of this year.
The company's net profit was BRL 2.94 billion, which was a 17% decrease from the previous quarter but a 19% increase from the same period last year.
Gerdau's net sales went up by 24% YoY to BRL 20.3 billion, the gross profit increased by 37% to BRL 5.2 billion, and the EBITDA dropped by 3% to BRL 5.83 billion, which is still higher than market estimates of BRL 5.11 billion.
The company stated that its Q1 net profit was in line with market expectations, as weaker performance in Brazil was offset by an improvement in North America's demand and prices.
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