Brazil's tax court rules against Gerdau; shares fall

miércoles 13 de julio de 2016 12:00 GYT

BRASÍLIA, July 13 (Reuters) - Brazil's tax auditing court CARF ruled against steelmaker Gerdau SA on Wednesday in four cases where the company was questioning charges estimated at 4 billion reais ($1.2 billion).

Shares of Gerdau fell more than 5 percent in mid-day trading in Sao Paulo shortly after the ruling's announcement. Gerdau said it would appeal the decision.

(Reporting by Leonardo Goy)