Brazil's Gerdau looking to slow investment in iron ore -CEO

miércoles 5 de noviembre de 2014 10:05 GYT

RIO DE JANEIRO Nov 5 (Reuters) - Brazilian steelmaker Gerdau is looking to slow the pace of its iron ore expansion with prices of the steel-making commodity falling dramatically this year, the firm's chief executive said on Wednesday.

"We had a plan to reach 18 million tonnes of iron ore production per year by 2016, rising to 24 million tonnes by 2020, and it is this plan which we are now re-considering," CEO Andre Gerdau Johannpeter told reporters during a call to discuss third quarter results.

(Reporting by Stephen Eisenhammer Editing by W Simon)