Steel News

Gerdau Boasts Best Quarterly Earnings Ever, Announces Brazilian Solar JV

8/4/2021 - Gerdau posted its highest-ever earnings in the second quarter of 2021, the company has announced.

In its 2Q21 earnings release, the steelmaker reported an EBITDA of R$5.9 billion, or US$1.4 billion, with an adjusted margin of 30.8%. It also posted a record net income of R$3.4 billion, or US$656 million.

“This profit is the result of the efforts made by our teams to create shared value with our customers, in a scenario of high utilization of our production capacity to supply a market whose demand for steel continues to grow,” said Gustavo Verneck, chief executive officer of Gerdau.

In additional news, the company recently announced a 50/50 partnership with Shell to develop a solar energy plant in Brasilândia de Minas, Minas Gerais, Brazil. The joint venture, dubbed Aquarii, will have an annual capacity of 190 MW, a portion of which will supply Gerdau’s steel operations with clean solar energy in line with the company’s sustainability goals.