Key Facts
- CSN drops CSN’s New York-traded shares fell 3.17% to US$1.22 on Friday, September 4, 2026.
- Gerdau rises Gerdau, another large Brazilian steel producer, saw its US-listed shares rise 0.40% to US$4.97 in the same session.
- Ternium flat Ternium, a steelmaker focused on Mexico, gained just 0.03% to US$58.00 on Friday.
- SLX ETF steady The SLX steel ETF, tracking global producers, rose 0.13% to US$110.99.
- Brazil’s shield A 25% tariff on above-quota steel imports runs through June 2027, protecting Gerdau, CSN, and Usiminas.
- The catch Mexico’s tariffs of up to 50% shield local mills but raise costs for buyers.
Today’s Focus
Friday’s session split Latin American steel into two stories.
CSN’s ADRs settled at US$1.22, down 3.17 percent.
Gerdau rose 0.40 percent to US$4.97.
Ternium was nearly flat at US$58.00.
Gerdau and Ternium are calm. Brazil protects its steel market.
A 25% tariff on imports of 19 steel products above their quota shields local mills. It started in late May and runs until June 2027.
This tax blocks cheap steel from China, the world’s biggest steel producer.
Mexico’s shield is even stiffer.
Tariffs up to 50 percent now hit 1,463 products from non-free-trade partners.
This includes steel, and has been in force since January 1, 2026.
Many Asian imports are effectively priced out.
The SLX steel-producers ETF closed at US$110.99, up 0.13 percent.
That small move shows Friday was calm for global steel stocks.
Individual Latin American companies made more noise, though.
What matters today. Brazil and Mexico have put up policy walls against cheap Chinese steel.
But CSN’s big Friday drop shows investors still punish any sign of profit risk.
That global steel glut is still a worry for shareholders.
01 The session in one read
Latin American steel ended Friday, September 4, 2026, as a tale of two markets. CSN’s New York-traded depositary receipts dropped 3.17 percent to settle at US$1.22, while Gerdau’s US shares rose 0.40 percent to US$4.97.
Ternium, the region’s only steel name quoted primarily in Mexico’s orbit, settled at US$58.00 with a microscopic 0.03 percent gain. The SLX steel-producers ETF tracked the global board to US$110.99, up 0.13 percent.
Import taxes across Latin America remain the main force keeping cheap Chinese steel from crashing local prices.
Brazil’s five-year anti-dumping duties cover Chinese cold-rolled, coated and galvanised flat steel, plus wire rod. They help shield CSN and Gerdau from cheap imports.
Mexico’s 25 percent tax on non-free-trade-agreement steel, in place since August 2023, now sits alongside the newer 50 percent regime. Together they protect Ternium’s pricing at home.
Watch whether CSN’s 3.17 percent Friday decline becomes a trend. Its peers held firm on the same day.
02 The board
The divergence on the price board is instructive. Gerdau’s 0.40 percent rise to US$4.97 and Ternium’s flat US$58.00 print show investors pricing in durable tariff protection against Chinese import pressure.
CSN fell 3.17 percent to US$1.22, the day’s biggest drop.
The Brazilian flat-steel maker faces direct competition from Asian supply.
That pressure did not hit Gerdau, which makes long steel products.
| Asset | Level | Change |
|---|---|---|
| Steel (SLX ETF) | US$110.99 | +0.13% |
| Gerdau | US$4.97 | +0.40% |
| CSN (ADR) | US$1.22 | -3.17% |
| Ternium | US$58.00 | +0.03% |
Source: RT close, 2026-09-04. Where a commodity has no spot feed, an exchange-traded tracker or leading producer is shown as a labelled proxy.
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Latin America — Cross-Market Board
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 185,147.15 | -0.02% | +21.85% | 185,188.13 | 168,310 | 167,142 | — |
| IPSA | 11,315.26 | -1.14% | — | 11,445.90 | 11,210 | 10,984 | 1,513,213,483 |
| IPC MEX | 65,163.64 | -0.42% | +12.17% | 65,436.16 | 66,121 | 65,405 | 108,886,187 |
| MERVAL | 3,049,121 | -0.29% | +30.51% | 3,022,485 | 3,042,365 | 2,991,150 | — |
| COLCAP | 2,544.56 | +0.40% | — | 9.04 | 9.05 | 9.02 | 4,133 |
| BVL PERÚ | 59,978.22 | -0.31% | — | — | — | — | — |
| USD/BRL | 5.16 | +0.01% | -5.13% | 5.16 | 5.18 | 5.14 | — |
| EUR/BRL | 5.95 | +1.01% | -5.83% | 5.89 | 5.98 | 5.94 | — |
| USD/MXN | 17.06 | -0.24% | -8.58% | 17.10 | 17.08 | 17.01 | — |
| USD/CLP | 913.98 | +0.04% | -5.67% | 913.65 | 915.11 | 906.68 | — |
| USD/COP | 3,140 | +0.03% | -22.04% | 3,139 | 3,141 | 3,105 | — |
| USD/PEN | 3.36 | -0.66% | -4.82% | 3.38 | 3.38 | 3.35 | — |
| USD/ARS | 1,493 | +0.10% | +12.96% | 1,491 | 1,494 | 1,480 | — |
| USD/UYU | 40.27 | +1.24% | +1.80% | 39.77 | 40.27 | 40.23 | — |
| USD/PYG | 5,939 | +1.68% | -19.54% | 5,841 | 5,939 | 5,925 | — |
| USD/BOB | 11.64 | -0.76% | +72.04% | 11.73 | 11.72 | 11.64 | — |
| USD/DOP | 58.34 | +1.25% | -3.44% | 57.62 | 58.34 | 58.04 | — |
| USD/CRC | 445.92 | +0.89% | -9.71% | 441.97 | 448.50 | 445.92 | — |
Live Company IntelligenceGerdau S.A — the full investor dossier
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03 What moved it
Trade policy shaped the session. Brazil’s Foreign Trade Chamber, the government body that sets import rules, renewed its steel quota policy on 28–29 May 2026.
The renewal lasts 12 months, to June 2027. It keeps a 25 percent tariff on steel imports above the quota.
That tariff applies to 19 steel products.
Brazil renewed five-year anti-dumping duties on Chinese steel products.
The goods include cold-rolled, coated, hot-dip galvanised and pre-painted flat steel, plus wire rod.
The move protects Brazilian steelmakers CSN, Gerdau and Usiminas, the country’s three biggest, from cheap imports.
Mexico has made its trade wall thicker.
It now taxes up to 50 percent on 1,463 products.
These products come from countries without a free-trade deal.
Steel is one of them.
The taxes were approved in December 2025.
They took effect on January 1, 2026.
04 The Latin American read
For a foreign investor, these policies mean Latin American steel behaves less like a commodity proxy and more like a protected utility. Gerdau and Usiminas, with long exposure to Brazil’s domestic construction and auto demand, benefit most from the quota and anti-dumping shield.
CSN carries more export and flat-steel sensitivity, so even a single session of Chinese spot-market pressure can sway its ADR more violently. Friday’s US$1.22 close shows that vulnerability remains the market’s main concern for that name.
05 The names to watch
Gerdau (US$4.97, +0.40%) is the sturdier Brazil play, anchored in long steel for construction where Chinese competition is least direct. Ternium (US$58.00, +0.03%) is the nearshoring trade, serving Mexico’s automotive and industrial build-out behind a high tariff wall.
CSN (US$1.22, -3.17%) remains the swing factor.
It is more exposed to flat steel, the product group Brazil’s anti-dumping duties target.
So any policy wobble in Brasília hits its ADR first.
06 The outlook
The macro backdrop has not changed: cheap Chinese steel keeps searching for an outlet, and Latin America’s response is import protection. As long as Brazil’s 25 percent above-quota tariff and Mexico’s up-to-50 percent regime stay in place, domestic mills hold pricing power.
The main risk is a policy change if growth or inflation pressures rise.
If Brazil’s trade chamber removes any steel product from the quota list, CSN and Usiminas would face more imports right away.
Gerdau would likely handle that situation better.
07 What to watch
- Brazil’s quota renewal: The 12-month regime runs until June 2027. But any mid-year change from the Foreign Trade Chamber would hit CSN and Usiminas first.
- Mexico’s 50% tariff regime: approved in December 2025.
- Chinese spot flat-steel prices: Cheap cold-rolled and coated steel supply pushed CSN down 3.17% on Friday.
That same supply will be the first warning sign of any future drop.
- SLX ETF flow: The global steel-producer fund is at US$110.99. It shows if foreign money is buying Latin American tariffs or leaving commodities.
Frequently Asked Questions
Why did CSN fall while Gerdau rose on Friday?
CSN sells more flat steel, which faces tough competition from cheap Chinese imports.
Gerdau sells long steel for construction, which has less foreign competition in Brazil.
What is Brazil’s steel tariff policy?
Brazil will keep a 25% tariff on imports of 19 steel products that go above their quota, until June 2027.
It also added five-year anti-dumping duties on some Chinese steel types.
These include cold-rolled, coated, galvanised, and pre-painted flat steel, plus wire rod.
What is Mexico’s steel tariff policy?
Mexico now taxes up to 50 percent on 1,463 products from countries without a free-trade deal.
This includes steel, and the tax has been in force since January 1, 2026.
There is also a separate 25 percent steel tax that started in August 2023.
How does SLX reflect Latin American steel?
The SLX ETF tracks global steel producers. It settled at US$110.99 on Friday, up 0.13 percent.
That small gain shows Latin American tariff protection is helping regional steel firms. It keeps them from pulling the global index down.
Market data: RT
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
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