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Gerdau Ameristeel beats 2Q expectations

Gerdau Ameristeel Corp. surpassed expectations in reporting a second-quarter profit of $262.1-million, or 60 cents a share.

That's nearly double the profit of the same period a year ago, when the Tampa steelmaker earned $139.1-million, or 45 cents a share.

The rosy numbers came on the back of strong demand for steel that pushed up revenue 92 percent from a year earlier. Revenue was $1.33-billion in the second quarter 2007 compared with $2.55-billion in the same period this year.

Gerdau operates minimills and scrap metal plants. Products include beams, rods, railroad spikes, wire and nails.

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Gerdau Ameristeel beats 2Q expectations 08/06/08 [Last modified: Wednesday, August 6, 2008 4:21pm]
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