DOW JONES NEWSWIRES
Strong global demand for steel, which pushed selling prices higher, contributed to a 22% improvement in Gerdau Ameristeel Corp.'s (NYSE:GNA) (GNA) first- quarter earnings and a 54% surge in sales.
The Tampa, Fla. steel producer earned $163 million or 38 cents a share in its latest quarter, up from $133.5 million or 44 cents a year earlier. Average shares weren't provided.
The Thomson Reuters mean estimate was for a profit of 39 cents a share.
Net sales jumped to $2.03 billion from $1.34 billion.
Gerdau said finished steel shipments increased to 2.4 million tons, an increase of 488,200 tons from a year earlier mainly due to the acquisition of Chaparral Steel in September 2007.
The company said its outlook for the near term remains positive despite an unprecedented level of volatility in raw material costs.
-Judy McKinnon; 416-306-2100; AskNewswires@dowjones.com
(END) Dow Jones Newswires 05-12-08 0839 Copyright (c) 2008 Dow Jones & Company, Inc.
