Brazilian steel manufacturer posts profit increase
Date added: 7th November, 2008 at 10:00 (view all articles from November, 2008)
Categories: Economy
Gerdau, one of Brazil's largest steel manufacturers, has announced a substantial increase in net profit for the third quarter of 2008.
The long-rolled steel market leader, which operates in countries around the world, recorded a profit of 1.42 billion reais (£420 million) for the financial period - up 380 million reais on the year the before, Reuters reports.
Most of the increase can be accounted for by the large rise in Gerdau's EBITDA - earnings before interest, taxes, depreciation and amortization - level, which was measured at 3.84 billion reais.
In 2007, the figure was less than half this amount at 1.51 billion reais.
Those looking at investment in Brazil's natural resources sector may be interested to know that Gerdau was one of 34 Brazilian countries to earn a place in the 2008 Forbes Global 2008 list, ranking in 606th place.
Other ranked Brazilian companies from this sector include Petrobras (21st), Vale (49th) and Usiminas (514th).
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