May 6, 2020 / 12:06 PM / 20 days ago

Brazil steelmaker Gerdau posts 51% profit drop due to coronavirus restrictions in South America

SAO PAULO, May 6 (Reuters) - Brazilian steelmaker Gerdau said on Wednesday its profit for the first quarter fell by half to 221 million reais ($39.6 million) compared with a year ago due to weaker sales in South America, although sales in the United States were more resilient.

In a securities filing, Gerdau said 2020 investment will be cut to 1.6 billion reais from a previous forecast of 2.6 billion reais, adding that Brazilian and U.S. raw steel sales fell in the tail end of the quarter due to auto production suspensions related to coronavirus.

$1 = 5.5783 reais Reporting by Marcelo Rochabrun, editing by Louise Heavens

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