Gerdau Jumps 5.10% as ArcelorMittal Gains 2.47% | Steel, Oct 29
Key Facts
- Brazil’s Gerdau, a large steel producer, jumped 5.10% to US$4.74 in New York on Thursday, October 29.
- ArcelorMittal, the world’s second-largest steelmaker, gained 2.47% to US$61.79; US mills Nucor, Steel Dynamics and Cleveland-Cliffs rose 1.29%, 1.42% and 2.30%.
- The global steel fund SLX dipped 0.13% to US$101.30 while Brazil’s CSN, a steelmaker, fell 2.51% to US$0.78.
- Brazil’s stock index fell 1.06% and the real weakened about 0.6% to R$5.38 per US dollar.
Today’s Focus
Steelmakers gained on Thursday while most stocks fell. Gerdau, a Brazilian producer with big US operations, jumped 5.10%, and ArcelorMittal rose 2.47%.
US mills did well too: Nucor rose 1.29%, Steel Dynamics 1.42% and Cleveland-Cliffs 2.30%.
Not everyone gained. Brazil’s CSN lost 2.51% and the SLX steel fund was nearly flat.
What matters today. Steel prices and tariffs shape costs for US builders and carmakers, and Brazil is one of the US’s main steel suppliers, so Gerdau’s move is a signal for both countries.
01 The session in one read
Gerdau closed at US$4.74, up 5.10% from US$4.51. ArcelorMittal closed at US$61.79, up 2.47%.
Nucor closed at US$275.29, Steel Dynamics at US$253.53 and Cleveland-Cliffs at US$14.26.
The SLX fund, which holds steel producers worldwide, closed at US$101.30, down 0.13%.
Most steel shares rose while the S&P 500 fell 0.30% and the Nasdaq 1.38%, which points to a sector story rather than a market one.
We could not confirm a trigger and had no verified steel price. The variable to watch is US tariff policy, which drives US steel prices.
02 The board
Gerdau is a Brazilian steel producer with large operations in the US.
Ternium, a Latin American steelmaker, rose 0.26% to US$54.06, and Tenaris, a global steel-pipe maker, 1.52% to US$61.31.
| Asset | Level | Change |
|---|---|---|
| Gerdau | US$4.74 | +5.10% |
| ArcelorMittal | US$61.79 | +2.47% |
| Nucor | US$275.29 | +1.29% |
| Steel Dynamics | US$253.53 | +1.42% |
| Cleveland-Cliffs | US$14.26 | +2.30% |
| Ternium | US$54.06 | +0.26% |
| Tenaris | US$61.31 | +1.52% |
| CSN | US$0.78 | −2.51% |
| Global steel fund (SLX) | US$101.30 | −0.13% |
Source: RT close, 2026-10-29. 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 | 169,186.42 | -1.06% | +19.56% | 171,006.10 | 178,526 | 175,157 | — |
| IPSA | 10,545.23 | -1.24% | — | 10,677.94 | 10,722 | 10,633 | — |
| IPC MEX | 69,441.29 | +0.37% | +12.74% | 69,182.39 | 70,008 | 69,383 | 49,372,306 |
| MERVAL | 2,848,945 | — | +12.65% | 2,859,051 | — | — | — |
| COLCAP | 2,489.93 | -0.63% | — | — | — | — | — |
| USD/BRL | 5.34 | -1.32% | -0.84% | 5.42 | 5.42 | 5.30 | — |
| EUR/BRL | 5.95 | +7.53% | -4.87% | 5.54 | 6.04 | 5.92 | — |
| USD/MXN | 18.69 | +0.62% | +1.45% | 18.57 | 18.69 | 18.54 | — |
| USD/CLP | 983.47 | -0.57% | +5.64% | 989.13 | 991.87 | 979.07 | — |
| USD/COP | 3,149 | +3.06% | -18.02% | 3,056 | 3,173 | 3,111 | — |
| USD/PEN | 3.45 | +0.17% | +3.85% | 3.44 | 3.45 | 3.44 | — |
| USD/ARS | 1,537 | -0.28% | +3.77% | 1,541 | 1,541 | 1,537 | — |
| USD/UYU | 40.21 | +3.57% | +2.29% | 38.83 | 40.21 | 40.08 | — |
| USD/PYG | 5,803 | +3.78% | -16.54% | 5,592 | 5,803 | 5,735 | — |
| USD/BOB | 11.97 | +4.93% | +77.92% | 11.41 | 11.97 | 11.82 | — |
| USD/DOP | 60.54 | +1.83% | -4.34% | 59.45 | 61.14 | 59.85 | — |
| USD/CRC | 451.24 | +2.13% | -7.80% | 441.83 | 451.40 | 450.04 | — |
| USD/GTQ | 7.64 | +3.23% | +2.18% | 7.40 | 7.64 | 7.64 | — |
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03 What moved it
We could not confirm what lifted Gerdau, and no company news reached our monitoring on Thursday.
The Bureau of Economic Analysis (BEA), the US statistics agency, said US growth was 3.4% at an annual rate in the third quarter, above the 3.2% forecast in the RT economic calendar, which is good news for steel demand.
04 The Latin American read
Brazil’s Ibovespa fell 1.06%, so Gerdau’s rise ran against the local market. Gerdau lists in São Paulo and New York.
CSN’s fall of 2.51% shows that Brazilian steelmakers did not move together.
05 The names to watch
Gerdau and Ternium are the Latin American steel names most followed by US investors. Nucor and Steel Dynamics show the US side.
Steel shares can swing on tariff news.
06 The outlook
Steel shares will follow US growth, tariff policy and Chinese export volumes.
A weak Brazilian market could cap Gerdau’s gain in São Paulo, though its US business gives it a different driver.
07 What to watch
- US tariffs: Changes in steel tariffs move US prices and Brazilian exports.
- China’s steel exports: Large Chinese exports push global prices down.
- Gerdau’s next results: They show whether the jump has earnings behind it.
- USD/BRL near R$5.38: A weaker real helps Brazilian exporters.
Frequently Asked Questions
Why did Gerdau jump on Thursday?
Gerdau rose 5.10% to US$4.74. We could not confirm a company-specific cause.
How did US steelmakers do?
Nucor rose 1.29%, Steel Dynamics 1.42% and Cleveland-Cliffs 2.30%.
Why does steel matter for Brazil and the US?
Brazil is a major steel supplier to the US, so tariffs and prices affect both.
Did all steel shares rise?
No. CSN fell 2.51% and the SLX fund dipped 0.13%.
Market data: RT
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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