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Gerdau Q2 net income, production down YOY

Brazilian steelmaker Gerdau SA's second-quarter net income fell 5.1% year over year to 75 million Brazilian reais, according to an Aug. 9 release.

Adjusted EBITDA in the period also declined by 6.7% to 1.12 billion reais, mainly due to a decrease in gross profit, partially offset by the reduction in selling, general and administrative expenses.

Meanwhile, Gerdau's crude steel production was down 5% on a yearly basis to 4.09 million tonnes, while shipments fell by 12.6% to approximately 3.71 million tonnes.

The company attributed the decline mainly to the divestment of the special steel units in Spain and to the lower production and shipments at the Brazil business division.

Net sales totaled 9.17 billion reais in the three-month period, down 10.6% year over year, while Capex amounted to 195 million reais.

The company declared a dividend of 34.2 million reais or, 2 centavos per share, payable Sept. 1 to shareholders on record on Aug. 21.

As of Aug. 8, US$1 was equivalent to 3.13 Brazilian reais.