The Brazilian steel group Gerdau obtained an adjusted net profit of 7,239 million reais (about 1,373.6 million dollars) in the first half of the year, 24% more than in the same period of 2021, pushed by the results of the second quarter The company reported this Wednesday.
Between April and June, the profit of the steel giant was 4,298 million reais (about 815 million dollars), 46.2% higher than that obtained between January and March and 27.6% higher in the year-on-year comparison.
According to the financial balance released by the group, the largest American producer of long steel, second quarter profits were a record for the period.
The company’s gross operating profit before interest, taxes, depreciation and amortization (Ebitda) in the second quarter was 6,680 million reais (about 1,267.5 million dollars), an increase of 13.3% compared to the of the same period of 2021 and 14.6% in the comparison with the previous quarter.
In the semester, the increase was 22.4% year-on-year, reaching 12,507 million reais (about 2,373 million dollars).
The company’s steel production, which has plants in Brazil, the United States, Argentina, Colombia and Peru, among others, in the first six months of the year was 6.8 million tons, 3.6% more than in the first half of 2021.
Sales remained practically stable, 6.3 million tonnes in the first half, equivalent to a decrease of 0.1% year-on-year.
As for net income, the company said that between January and June of this year they reached 43,299 million reais (about 8,216 million dollars), 22.1% more than those obtained in the first half of 2021.
Meanwhile, in the second quarter, 22,968 million reais (about 4,358 million dollars) entered, 20.1% more than the same period last year.
According to the balance, the debt of the steel company as of June 30 was 12,445 million reais (about 2,361 million dollars), 21% less than that registered for the same date in 2021 and 2.5% lower than the one I had at the end of March.
Investments in the second quarter of the year totaled 959 million reais (about 181 million dollars), the majority for maintenance and a third for expansion and technological updating.
Last year the Gerdau group obtained a net profit of 15,559 million reais (about 2,952 million dollars at current exchange rates), 552% higher than in 2020.