It is reportedly that the Brazilian steelmaker Gerdau's crude steel production reached about 3.09 million tons in the first quarter of this year, a year-on-year increase of 3.4% and 14.9% more than the previous quarter. During this period, the crude steel production capacity utilization rate was 74%.

Even though there was a good performance in the first quarter, the company commented that this period still reflects the oversupply of steel in the global market, resulting in a challenging international pricing environment. The company also commented that the high penetration of imported steel continues to affect its steel sales volumes, mainly in the Brazilian market.