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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