A summary of Brazilian steelmaker Gerdau's financial results in the first quarter of 2020, as stated in its earnings report on Wednesday May 6.
In brief Sales volumes and financial performance weakened year-on-year with all of the company's divisions affected by lower demand in the last 15 days of March due to the Covid-19 pandemic. The North America unit reported stronger results amid higher consumption from the construction sector in the United States. Margins in the North America unit declined, with the metal spread - the difference between ferrous scrap costs and finished steel prices -...