SAO PAULO: Brazil steelmaker Gerdau SA on Wednesday reported net income of 2.5 billion reais ($459.22 million) compared with 221 million reais a year ago, due to a economy recovering from the pandemic, higher metal prices and favorable currency rates.

While profit grew more than 10 fold due and revenue grew 77%, steel production fell 1% and steel sales grew only 15% to 3 million tonnes.

Gerdau said there were positive trends at its Brazil unit, with revenue more than doubling compared to a year ago and displacing the North America unit, which in the first quarter of 2020 was the company's largest by revenue.

Production rose by 4% in Brazil but fell 7% in Noth America, which Gerdau attributed to lower demand. Gerdau said the main boost to its North America revenue compared to a year ago was due to the appreciation of the dollar against the real.