Brazil’s steelmakers have stopped playing defense. Gerdau and Usiminas turned their third-quarter earnings calls into battle cries against Chinese imports, warning that without state protection Brazil risks losing its industrial base. The economy may be growing 2.5%, but local furnaces are cooling.
Usiminas chief executive Marcelo Chara welcomed the government’s decision to extend antidumping duties on heavy plate from China and South Korea for another five years, and said investigations into galvanised and pre-painted steel were well advanced. According to vice-president Miguel Homes Camejo, final rulings on the cold-rolled and coated steel cases are expected by early 2026. He noted that the US and Europe have already reacted with tariffs and import quotas — and that Brazil “needs to move just as quickly.”
At Gerdau, chief executive Gustavo Werneck dropped the diplomatic tone: “We’ve reached the limit of what efficiency alone can do.” He said there was now broad agreement across the industrial chain, from steel to autos, that without trade barriers Brazil will lose its manufacturing core. He even cited the direct involvement of President Lula, turning what began as a market dispute into a question of industrial sovereignty.
Imports now cover almost a third of Brazil’s domestic demand, often priced below metal costs — the textbook definition of dumping. In 3Q25, Brazil’s steelmakers looked liquid, profitable and politically mobilised — but also cornered. The industry has learned to survive; what it wants now is permission to strike back.
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