1 Min Read
(Adds results detail)
BRASILIA, Feb 22 (Reuters) - Brazilian steelmaker Gerdau SA reported on Wednesday a net loss of 3.1 billion reais ($1.00 billion) in the fourth quarter, due to impairments and lower steel sales.
The loss was a slight improvement on the 3.2 billion reais net loss reported in the same quarter of 2015, when the company also booked heavy writedowns.
Gerdau, the largest producer of long steel in the Americas, wrote down assets by 2.9 billion reais, principally on its North American operations.
Excluding non-recurring items, Gerdau reported an adjusted net loss of 205 million reais and adjusted EBITDA, or earnings before interest, taxes, depreciation and amortization, of 716 million reais.
$1 = 3.0921 reais Reporting by Stephen Eisenhammer; Editing by Chizu Nomiyama