Latin America’s largest steelmaker Gerdau SA said that its third quarter profit fell by 43% YoY as US demand for steel remained weak and international prices declined.
3rd quarter of 2009 Highlights
Sales reached 3.9 million tonnes in the 3rd quarter of 2009, 15% higher than in the 2nd quarter of 2009, reflecting the recovery in the main sectors that consume the Company's products.
Net Revenue reached BRR 6.8 billion in the 3rd quarter of 2009, 6% higher than in the previous quarter.
3rd quarter of 2009 EBITDA reached BRR 1.4 billion, more than double the amount in the 2nd quarter of 2009. The EBITDA margin increased to 20.2% in the 3rd quarter of 2009 from 9.3% in the 2nd quarter.
Net Income was BRR 655 million in the 3rd quarter of 2009, compared to a net loss of BRR 329 million in the 2nd quarter, reflecting the recovery in the Company's operating margins in the period.
Investments in fixed assets totaled BRR 232 million in the 3rd quarter of 2009.
Gross Debt was BRR 16.1 billion in September of 2009, reduction of BRR 2.8 billion if compared to June of 2009, due to amortizations and the foreign exchange variation in the period.
The Company approved a payment of BRR 106.5 million in dividends, in the form of interest on capital, for Gerdau S.A. shareholders and BRR 67.1 million for Metalurgica Gerdau S.A. shareholders, based on the results of the first nine months of 2009.
