Brazilian steelmaker Gerdau’s crude steel production fell by 17pc to 5.6mn mt in H1 2020, from 6.7mn mt in the first six months of 2019, because of COVID-19 related shutdowns.
Steel shipments also went down by 15pc to 5mn mt in H1 2020, from 5.9mn mt in the same period last year, due to lower shipments at all its business divisions in Q2 2020, the company said in its earnings report on August 5.
Gerdau’s crude steel production in Brazil decreased by 22pc to 2.3mn mt in H1 2020, from 3mn mt in the same period last year, while its steel shipments fell by 15pc to 2.2mn mt from 2.7mn mt during the same period.
The steelmaker’s North America’s business division’s crude steel production declined by 4pc to 2.3mn mt in H1 2020, from 2.4mn mt in H1 2019 and its steel shipments also decreased by 3pc to 2mn mt from 2.1 mn mt during the same period.
In South America, the company’s crude steel output fell by 25pc to 220,00mt in H1 2020, from 295,000mt in H1 2019 and its steel shipments went down by 35pc to 330,000 from 506,000mt in the same six months under comparison.
The company’s crude steel production from its special steel division reduced by 33pc to 651,000mt from 967,000mt and its steel shipments fell by 41pc to 506,000mt in H1 2020 from 857,000mt in H1 2019.
Gerdau’s net sales fell by 11pc to BRL17.9bn ($3.3bn) in H1 2020, down from BRL20.1bn in H1 2019 while its net profit declined by 35pc to BRL537mn from BRL825mn in the same period under comparison.
The steelmaker’s adjusted EBITDA dipped by 20.3pc to BRL2.4bn in H1 2020, from BRL3.1bn in January-June 2019.