Brazilian steelmaker Gerdau expects higher iron ore production at its Miguel Burnier mine in Minas Gerais to improve its domestic results. CEO Gustavo Werneck outlined the plan while discussing the group's third-quarter 2026 results.
The project calls for an estimated $640 million investment. Gerdau aims to raise annual output to 5.5 million metric tons and increase the ore's average iron content to 65%. The ore will supply the company's integrated Ouro Branco steelworks, with additional volumes sold to third parties.
Brazil accounted for 19.1% of group EBITDA and 45.4% of steel shipments in the third quarter. North American operations contributed 76.4% of EBITDA and 44.2% of shipments. Gerdau estimates that US steel prices are 75% higher than in Brazil, partly reflecting high import tariffs that protect the US market.
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