June 13, 2018 / 12:41 PM / 6 months ago

Brazil court rules against Gerdau in $113 mln antitrust case

BRASILIA, June 13 (Reuters) - A Brazilian appeals court has ruled against steelmaker Gerdau SA in an anti-trust lawsuit brought by two civil construction unions, the company said in a securities filing on Wednesday.

The ruling upheld a lower court decision ordering the company to pay a fine equivalent to 7 percent of gross sales in the year prior to the suit, or 417.8 million reais ($113.05 million), although that figure could be updated, it said. The company said it will continue to seek appropriate legal remedies and that its practices are based on free competition and transparency. ($1 = 3.6957 reais) (Reporting by Jake Spring)

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