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Brazilian steelmaker Gerdau posted on Thursday a 47.9% decrease in its adjusted net profit for the first quarter from the same period a year earlier, affected by lower steel sales amid higher imports in Brazil. It reported a 1.25 billion reais ($244.6 million) adjusted net profit for the three-month period ended in March. Gerdau, which has most of its business in Brazil and North America, posted a net revenue decline of 14.1% year-on-year, as steel sales fell 8.6% in volume, with the company attributing the performance to "excessive imports in the Brazilian market".