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Gerdau's net income rebounds in Q2

Gerdau SA's net income in the second quarter jumped 830.7% to 698 million Brazilian reais from 75 million reais the year before.

Adjusted EBITDA was up 56.8% to 1.76 billion reais from 1.12 billion reais, and the steelmaker said Aug. 8 that it was the best quarterly EBITDA result since 2008.

Gerdau said the rise in profits was due to performance across business units, especially in Brazil and North America, where pricing and demand were strong.

The stronger pricing was evident in net sales, which jumped 31.3% annually to 12.04 billion reais for the quarter.

Steel production decreased 2.5% to 3.99 million tonnes in the second quarter, which was hit by a truckers' strike in Brazil in May and partially offset by increased production at the company's special steel and North America businesses.

Gerdau approved a second-quarter dividend of 238.3 million reais, or 14 Brazilian centavos per share, payable Aug. 31 to shareholders on record as of Aug. 21.

As of Aug. 7, US$1 was equivalent to 3.71 Brazilian reais.