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Brazil's Gerdau reports Q3 net income up 175%

Brazilian steelmaker Gerdau SA on Wednesday reported third-quarter net income of 795 million reais ($141 million), up 175% from a year earlier as sales began to recover from the pandemic.

Adds output, sales

SAO PAULO, Oct 28 (Reuters) - Brazilian steelmaker Gerdau SA GGBR4.SA on Wednesday reported third-quarter net income of 795 million reais ($141 million), up 175% from a year earlier as sales began to recover from the pandemic.

Production increased to 3.2 billion tonnes, up 17% from a year earlier and up 32% versus the previous quarter.

Demand rebounded in different markets but mainly in the construction industry in Brazil, the company said in a filing.

Sales rose 4% to 3.19 billion tonnes.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose 46% to 2.14 billion reais, beating economists' expectations.

($1 = 5.6240 reais)

(Reporting by Camila Moreira; editing by Andrew Heavens and Jason Neely)

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