Brazilian steel maker Gerdau has posted a consolidated net profit of BRL 2.94 billion (USD 586 million) for January-March quarter of 2022, against BRL 2.47 billion in the previous quarter. Net sales increased by 24% to BRL 20.33 billion and the gross profit increased by 37% to BRL 5.181 billion, while the EBITDA declined by 3% to BRL 5.827 billion. Although declining from Q4 2021, the EBITDA in Q1 2022 set all-time highs for a first quarter, with this performance reflecting the current scenario for demand and prices in the steel industry, especially in North AmericaBrazil was responsible for 42.2% of the group's net sales and 49.8% of its EBITDANorth America had 35.5% and 32.6%South America had 8.4% and 27.5%Specialty steels business division had 13.5% and 9.1%By volume, the production of crude steel increased by 4% to 3.406 million tonne, while sales of steel products declined by 3% to 3.055 million tonnes. In 1Q22, crude steel production increased in relation to 4Q21 and 1Q21. Gerdau's production capacity utilization rate of 75% in the quarter reflects the seasonally weaker period, especially in the domestic market of the Brazil BD. The volume sold in Gerdau's main business operations had a slight decrease compared to 4Q21 and was in line with 1Q21.Net sales decreased in 1Q21 in relation to 4Q21, reflecting of the reduction in the volume sold, the lower prices practiced in Brazil and the local currency appreciation, which reduced sales in foreign currency translated into Brazilian real. In relation to 1Q21, net sales posted robust growth, due to the better prices practiced.Gross profit in 1Q22 was in line with 4Q21 and increased in relation to 1Q21. Gross margin improved compared to both 4Q21 and 1Q21, with this result driven mainly by the performance of the construction industry in North America and the results of the Special Steel BD. In relation to 1Q21, gross profit registered robust growth, driven mainly by the North America BD, reflecting the better metals spread in the United States.