The Brazilian Gerdau group posted a consolidated net profit of BRL 4.600 billion ($807 million) for 2024, against BRL 6.854 billion in 2023.
Net sales declined by 2.7 percent to BRL 67.026 billion, the gross profit declined by 18.8 percent to BRL 9.203 billion, and the EBITDA declined by 21.4 percent to BRL 10.164 billion.
In volume, sales of steel products declined by 3.0 percent to 10.984 million mt.
In terms of business divisions of the group, considering 2024, Brazil was responsible for 38.7 percent of the group’s net sales and 41.2 percent of its EBITDA, while North America had respectively 36.2 percent and 30.9 percent, South America had 10.0 percent and 9.3 percent, and the specialty steels business division had 15.2 percent and 18.6 percent.
In a statement, Rafael Japur, Gerdau’s CFO and IRO, said, “In 2024, we continued to implement our strategy of sustainable growth while maintaining our financial strength. We believe that both are essential if we are to continue to create value for our shareholders.”
The company complained, even under the trade defense measures implemented by the Brazilian government, imports of products under the quota tariff system increased from 2023 to 2024, showing the quota tariff system has not been effective in controlling import volumes. “Steel oversupply due to imports, especially from China, remains the main drag on the domestic industry," the company concluded.
USD = BRL 5.70 (February 20)