February 25, 2010 / 2:15 PM / in 8 years

CORRECTED - CORRECTED-UPDATE 1-Gerdau Ameristeel posts narrower Q4 loss

(Corrects first bullet point to loss/shr from est loss/shr)

* Q4 loss/shr $0.11 vs loss/shr $3.08 yr ago

* Revenue down 32 pct to $975.9 mln

Feb 25 (Reuters) - Steel producer Gerdau Ameristeel Corp GNA.TO GNA.N posted a narrower fourth-quarter loss, helped partly by cost-cutting measures.

Net loss for the quarter was $47.6 million, or 11 cents a share, compared with a net loss of $1.33 billion, or $3.08 a share, a year ago.

Last year, the company recorded a non-cash goodwill impairment charge of $1.28 billion.

Revenue in the latest quarter fell 32 percent to $975.9 million.

Analysts on average were expecting the company to earn 5 cents a share, before items, on revenue of $1.06 billion, according to Thomson Reuters I/B/E/S.

Operating expenses fell 64 percent to $1.01 billion.

Shares of the Tampa, Florida-based company closed at C$7.89 on the Toronto Stock Exchange. (Reporting by Abhiram Nandakumar in Bangalore; Editing by Anne Pallivathuckal)

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