Gerdau S.A, a steel manufacturer in Brazil, declared that its adjusted net profit in the third quarter was 3.02 billion reais, decreasing by 33.7% from the same period a year ago. The decrease was due to high operating costs and the recession in the global steel market.

Meanwhile, the net sales dropped by 7.9% to 21 billion reais. The EBITDA decreased by 19.6% to 5.39 billion reais. At the same time, its steel sales went down by nearly 10% to 2.93 million tons.