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Gerdau delivers a surge in earnings

By Kris Hundley, Times Staff Writer
Posted: May 12, 2008 05:22 PM


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Gerdau Ameristeel Corp. reported a 22 percent surge in earnings for the quarter ended March 31, due in part to its acquisition of a finished steel company last fall.

The company, which is headquartered in Tampa but incorporated in Canada, said it had earnings of $163-million on revenues of $2-billion for the quarter, compared with a $133.5-million profit on sales of $1.3-billion a year ago. Earnings per share dropped, however, to 38 cents a share for the most recent quarter compared with 44 cents a year ago, because of a public offering in November to fund its $4.2-billion acquisition of Chaparral Steel Co.

Gerdau is holding its annual meeting on Friday in Toronto.



[Last modified: May 22, 2008 10:35 AM]



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