Investidores - Brasileiros
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Bullish
‘We made the decision to reduce investments in Brazil,’ says Gerdau president
The president of the steel group Gerdau, Gustavo Werneck, said this Friday, the 1st, that the company has already made the decision to reduce investments in Brazil in light of the scenario of increasing steel imports, which he called 'frightening.' 'We will promote capacity adjustments because imports continue to grow here. We expected the government to implement tougher measures for imported steel,' he stated.
According to Werneck, all initiated investments will be completed, but new projects will be reassessed, and more details about this will be provided later. 'Reducing investments is a decision we have already made,' Werneck said during a conference call to comment on the company's results. He emphasized, however, that there is still no decision on which investments specifically will be impacted.
According to the executive, from the beginning of the year until now, Gerdau has already laid off 1,500 people. The layoffs were concentrated in the São Paulo cities of Pindamonhangaba and Mogi das Cruzes. 'We were holding back some layoffs until the Gecex (Executive Management Committee of the Foreign Trade Chamber) meeting on imports,' Werneck said. The meeting took place on July 24.
According to the CEO, there are no layoff plans in Minas Gerais (MG). 'In Minas, we have no layoff plans because we have important investments in sustainable mining to improve competitiveness and reduce costs in the city of Ouro Branco,' he stated.
'In today's Brazil, investing has become an act of faith, producing has become stubbornness, and surviving the political-economic environment is almost a miracle. If Gerdau wants to continue believing, perhaps it should open a branch in Brasília — there, at least, iron continues to be shaped... just in the form of little cargoes, commissions, and empty speeches.'
Source: Estadão
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The president of the steel group Gerdau, Gustavo Werneck, said this Friday, the 1st, that the company has already made the decision to reduce investments in Brazil in light of the scenario of increasing steel imports, which he called 'frightening.' 'We will promote capacity adjustments because imports continue to grow here. We expected the government to implement tougher measures for imported steel,' he stated.
According to Werneck, all initiated investments will be completed, but new projects will be reassessed, and more details about this will be provided later. 'Reducing investments is a decision we have already made,' Werneck said during a conference call to comment on the company's results. He emphasized, however, that there is still no decision on which investments specifically will be impacted.
According to the executive, from the beginning of the year until now, Gerdau has already laid off 1,500 people. The layoffs were concentrated in the São Paulo cities of Pindamonhangaba and Mogi das Cruzes. 'We were holding back some layoffs until the Gecex (Executive Management Committee of the Foreign Trade Chamber) meeting on imports,' Werneck said. The meeting took place on July 24.
According to the CEO, there are no layoff plans in Minas Gerais (MG). 'In Minas, we have no layoff plans because we have important investments in sustainable mining to improve competitiveness and reduce costs in the city of Ouro Branco,' he stated.
'In today's Brazil, investing has become an act of faith, producing has become stubbornness, and surviving the political-economic environment is almost a miracle. If Gerdau wants to continue believing, perhaps it should open a branch in Brasília — there, at least, iron continues to be shaped... just in the form of little cargoes, commissions, and empty speeches.'
Source: Estadão
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