In February, world crude steel production declined by nearly 5% to 123.3 million tonnes, according to the World Steel Association.

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In the last 19 years Gerdau has acquired and built out operations in Argentina, Canada, Chile, Uruguay and, most recently, the U.S. About 40% of the group's 7.2 million metric tons of annual crude steel production capacity is now outside Brazil.

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Last month, Corus said it would cut production between October and December by a million tonnes of crude steel - about 20% of its output.

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By adding more production in North America (AmeriSteel has production capacity of 1.8 million metric tons of crude steel annually), notes Peruzzi, Gerdau now has more stable, dollar-based revenues and earnings.

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