May 8, 2019 / 11:58 AM / in 13 days

Brazilian steelmaker Gerdau posts net income of $114 million in q1

SAO PAULO, May 8 (Reuters) - Brazilian steelmaker Gerdau on Wednesday reported a net income in the first quarter of 453 million reais ($114.11 million), roughly flat compared to the same period last year, in which the company benefited from high international prices.

The volume of steel produced decreased 20 percent to 3.3 billion tons compared to a year earlier, which the company attributed to the recent divestment of less profitable operations in Chile, India and the United States. ($1 = 3.9700 reais) (Reporting by Marcelo Rochabrun Editing by Chizu Nomiyama)

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