February 22, 2024 (press release) –
SteelOrbis Electronic Marketplace Inc. reports a diminished net profit and sales for Brazil's Gerdau Group in 2023. The steel producer attributes the decline—a 16.4% drop in sales and a 37.2% decrease in EBITDA—to increased competition from steel imports. According to the company, imports rose by 50% in 2023 and negatively impacted the industry's competitiveness and employment. Brazil accounted for 46.4% of Gerdau's net sales and 34.1% of its EBITDA, while North America, South America, and the specialty steels division also contributed to its earnings.
Industry Intelligence editor's note: Information originally published in SteelOrbis Electronic Marketplace Inc.. To view the full article, please visit https://www.steelorbis.com/steel-news/latest-news/gerdaus-net-profit-declines-sharply-in-2023-1328722.htm.
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