gerdaus shares fell 36 after the brazilian steelmakers results for the second quarter showed disappointing numbers for its home market shares reached 2599 reais the equivalent of 531 and were down 37 from the end of last year through tuesdays close brazils benchmark ibovespa stocks index was down 09 in afternoon trading gerdau said tuesday after the close that revenue fell 21 in the quarter from a year earlier while adjusted net income dropped by half the companys north american unit performed well but the brazil units ebitda was 11 lower than estimated because of a higher level of exports from brazil in the sales mix said btg pactual analysts leonardo correa and caio greiner in a research note exports have lower profit margins than products sold in brazil the analysts said