Brazil's Gerdau's profit plunges 59 percent in third quarter

miércoles 5 de noviembre de 2014 06:37 GYT

RIO DE JANEIRO Nov 5 (Reuters) - Brazilian steelmaker Gerdau SA posted a 59 percent fall in third-quarter profit compared to last year, as weak steel demand in Brazil weighed on margins.

Gerdau, the largest long steel producer in the Americas, reported net income of 262 million reais ($105 million), which was slightly ahead of analyst forecasts, despite the big drop from last year.

The steelmaker reported EBITDA of 1.224 bln reais, down 13.4 percent on the same period in 2013.

($1 = 2.5 reais) (Reporting by Stephen Eisenhammer; Editing by Kevin Liffey)