Gerdau S.A.Company, headquartered in Brazil, said on 8th Nov. Wednesday, which its global business profit for the third quarter of 2017 dropped 2.8% year on year.
The company's adjusted earnings before interest, depreciation and amortization (EBITDA) totaled BRL 1.17 billion (351.85 million U.S. dollars) compared with BRL 1.2 billion for the same period last year. Gerdau S.A.Company said the decline in EBITDA reflected the company's gross profit.
"One of the reasons for the drop in gross profit is the raw material costs increased, and another reason was the high level of exports in the third quarter of 2016 compared with the third quarter of 2017, more than normal levels." The Gerdau S.A.Company said.
Sales of Gerdau in July-September 2017 increased 8.9% year on year, from 8.7 billion BRL in the same period last year to 9.48 billion BRL this year, mainly due to the North American business and special steel shipments improved.
In the third quarter of 2017, Gerdau S.A.Company sold a total of 3.86 million tonnes of steel products, up 5.4% from 3.67 million tonnes in the same period last year. They sales to North America rise 18.4% from 1.37 million tons last year to 1.62 million tons this year.
From July to September 2017, the total crude steel output of all Gerdau S.A.Company’s global subsidiaries reached 4.06 million tons, increase from 3.89 million tons in the same period of last year.