SAO PAULO May 4 Gerdau SA, the largest steelmaker in the Americas, posted a surprising first-quarter loss on Thursday, reflecting declining revenue and the impact of a recent Brazil ruling on the booking of contingent liabilities.
Porto Alergre, Brazil-based Gerdau lost a net 34 million reais ($10.8 million) last quarter, compared with profit of 14 million reais a year earlier. Analysts expected profit of 70.96 million reais in the first quarter.
Management will discuss quarterly results later in the day.
($1 = 3.1635 reais) (Reporting by Guillermo Parra-Bernal; Editing by Chizu Nomiyama)
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