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Brazil's Gerdau posts unexpected loss as revenue slips
May 4, 2017 / 12:04 PM / 5 months ago

Brazil's Gerdau posts unexpected loss as revenue slips

SAO PAULO, May 4 (Reuters) - Gerdau SA, the largest steelmaker in the Americas, posted a surprising first-quarter loss on Thursday, reflecting declining revenue and the impact of a recent Brazil ruling on the booking of contingent liabilities.

Porto Alergre, Brazil-based Gerdau lost a net 34 million reais ($10.8 million) last quarter, compared with profit of 14 million reais a year earlier. Analysts expected profit of 70.96 million reais in the first quarter.

Management will discuss quarterly results later in the day.

$1 = 3.1635 reais Reporting by Guillermo Parra-Bernal; Editing by Chizu Nomiyama

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