Brazil steelmaker Gerdau posts Q1 profit of 14mn reais

RIO DE JANEIRO: Brazilian steelmaker Gerdau SA reported on Wednesday a first quarter net profit of 14 million reais ($3.9 million), creeping into the black in the midst of the country's deepest recession in decades and a slump in steel demand.

Gerdau posted adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of 930 million reais and net revenue of 10.1 billion reais.