SAO PAULO, Oct 30 (Reuters) - Brazilian steelmaker

Gerdau ( GGB ) on Thursday reported a 23.9% decline in its

quarterly adjusted net profit when compared to a year earlier,

as the company's booming business in North America was offset by

negative results in its local market.

Gerdau's ( GGB ) adjusted net profit fell to 1.09 billion reais

($201.71 million) in the July-September quarter.

Its adjusted earnings before interest, taxes, depreciation

and amortization (EBITDA) came in at 2.74 billion reais, down

9.2% year-over-year, but mostly in line with the 2.75 billion

reais expected by analysts in a LSEG poll.

The company noted the results were heavily impacted by steel

oversupply in Brazil, which pushed prices down, despite steady

production. The country is its second-largest market, only

behind North America.

Gross profit in the domestic market tumbled 70.1% in the

quarter from a year earlier to 403 million reais, even though

steel production in the country only decreased 0.4% in the same

period.

Overall results were helped by positive numbers in North

America, where Gerdau's ( GGB ) gross profit jumped 48.9% year-over-year

to 1.5 billion reais in the third quarter.

Total revenue in the quarter came in at 18 billion

reais, up 3.5% from a year earlier and above analysts'

projection of 17.6 billion reais.

($1 = 5.4039 reais)