Brazilian long steel producer Gerdau sold lower volumes during the third quarter, especially outside its home country, but reported a year-on-year earnings increase due to higher global steel prices, the company's results show.
Steel shipments were down by 4.6% in the July-to-September period to 3.69 million tonnes from 3.87 million tonnes a year earlier, according to the earnings report published on Wednesday November 7.Exports fell due to a blast furnace stoppage for maintenance in the southeastern Brazilian state of Minas Gerais, but focusing on the domestic market benefits Gerdau as it guarantees better margins for its operations.The steelmaker sold 1.09 million tonnes of material in Brazil, 11.4% higher than the 974,000 tonnes of a year earlier. The local division's exports were 337,000 tonnes, a decrease of 34.4% from last year's 514,000 tonnes.Long steel domestic volumes reached 754,000...