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Gerdau secures up to US$800M, 5-year loan

Brazilian steelmaker Gerdau SA agreed to a five-year international loan of up to US$800 million, Reuters reported Sept. 30, citing a securities filing.

The loan is managed by Bank of New York Mellon and will include up to eight creditor banks.

Gerdau's second-quarter net profit dropped 46.5% year over year to 372.8 million Brazilian reais from 698.3 million reais as sales volumes were impacted by asset disposals in 2018.

As of Sept. 30, US$1 was equivalent to 4.17 Brazilian reais.