Gerdau foresees no big short-term change to US steel market under Biden

There were no expectations of material changes to the US steel market to arise in the short term as a result of Joe Biden taking office as United States president in 2021, Gerdau chief executive officer Gustavo Werneck said on Wednesday November 11.

Werneck also expected a metal spread recovery in the fourth quarter of this year, boosted in particular by steel beams, and he forecast stability for 2021.
In November, that spread, which is the profitability of steel products versus scrap costs, was expected to reach $400 per short ton, up from $390 per short ton in September.

"If you take a look at history, in the past 15-20 years the largest margins were reported by the steel industry in a costlier scrap scenario, not the other way around," chief financial officer Harley Scardoelli said in a conference call held by the...

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