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Brazil steelmaker Gerdau profit tumbles 63.5%, missing estimates

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Reuters
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Brazilian steelmaker Gerdau SA on Wednesday reported a 63.5% fall in third-quarter net income, missing market expectations.

SAO PAULO, Oct 30 (Reuters) - Brazilian steelmaker Gerdau SA GGBR4.SA on Wednesday reported a 63.5% fall in third-quarter net income, missing market expectations.

In a securities filing, the company reported quarterly net income of 289 million reais ($72.28 million), well below a consensus estimate of 393.9 million reais compiled by Refinitiv.

($1 = 3.9985 reais)

(Reporting by Gabriela Mello; editing by Jason Neely)

((Gabriela.Mello@thomsonreuters.com; +55 11 5644 7553; Reuters Messaging: gabriela.mello.reuters.com@reuters.net))

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