Metals - Brazil - Gerdau Ameristeel posts record earnings in Q3 on Chaparral purchase

Tampa-based Gerdau Ameristeel (TSX: GNA) posted record net earnings in the third quarter of US$317mn, up 156% year-on-year, according to a company statement.

Owned by Brazilian steel group Gerdau (NYSE: GGB), Gerdau Ameristeel posted net sales of US$2.5bn in the recent quarter, a 78.6% rise year-on-year. Finished steel products totaled 2.1Mt, a 17% increase versus 3Q07.

The company's Ebitda in Q3 amounted to US$581mn, more than double the US$250mn posted in 3Q07.

The company said the acquisition of Texas-based Chaparral Steel helped boost its results.

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