It is reported that the Brazilian steelmaker Gerdau has already laid off 700 workers in the country and is reducing production at its plants in front of a sharp increase in imported steel.

Gustavo Werneck, CEO of Gerdau, pointed out that Brazil's steel imports grew by 58% during the first nine months of this year, totaling 3.7 million tons. Normally, steel imports historically represented 12% of the country's apparent steel consumption, and nowadays, the number is 23%.

The president's director estimates that steel imports will reach 5 million tons in 2023. These volumes have been the highest since 2010 and are equivalent to the production of two integrated plants.