August 7, 2019 / 11:41 AM / 15 days ago

Brazilian steelmaker Gerdau profit sinks 50% following divestments

SAO PAULO, Aug 7 (Reuters) - Brazilian steelmaker Gerdau on Wednesday reported a profit of 373 million reais ($94.19 million) in the second quarter, a 46.5% drop from a year earlier, due to the divestment of facilities in China, India and the United States, the company said.

The company also said it was lowering its investment guidance to 1.8 billion reais, down from 2.2 billion due to the fast pace of its divestments.

$1 = 3.9601 reais Reporting by Marcelo Rochabrun; Editing by Bernadette Baum

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