6-K
GERDAU S.A. (GGB)
6-K
2025-02-21
For: 2025-02-21
View Original
Added on
April 11, 2026
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934
Dated February 21, 2025
Commission File Number 1-14878
GERDAU S.A.
(Translation of Registrant’s Name into English)
Av. Dra. Ruth Cardoso, 8,501 – 8° andar
São Paulo, São Paulo - Brazil CEP 05425-070
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
| Form<br>20-F x | Form<br>40-F ¨ |
|---|
Exhibit Index
| Exhibit | Description of Exhibit |
|---|---|
| 99.1 | 4Q24 Earnings Release, February 20, 2025 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: February 21, 2025
| GERDAU S.A. | |
|---|---|
| By: | /s/ Rafael Dorneles Japur |
| Name: | Rafael Dorneles Japur |
| Title: | Executive Vice President |
| Investor Relations Director |
Exhibit 99.1
| February 20, 2025<br>4Q24<br>Earnings Release | ||
|---|---|---|
| DISCLAIMER<br>This document may contain forward-looking statements. These statements are based on<br>estimates and information that may be incorrect or inaccurate and that may not occur. These<br>estimates are also subject to risks, uncertainties, and assumptions that include, among other<br>factors, general economic, political, and commercial conditions in Brazil and in the markets<br>where we operate, as well as existing and future government regulations. Potential investors are<br>cautioned that these forward-looking statements do not constitute guarantees of future<br>performance, given that they involve risks and uncertainties. Gerdau does not undertake, and<br>expressly waives, any obligation to update any of these forward-looking statements, which speak<br>only as of the date they were made. | ||
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| 3<br>HIGHLIGHTS<br>We recorded<br>all-time best<br>frequency<br>rate in<br>people’s safety<br>STEEL IMPORTS<br>The penetration rate of<br>imported steel in Brazil<br>ended 2024 at 18.5%, and<br>remains a major impact on<br>the domestic market<br>ADJUSTED EBITDA<br>R$10.8B<br>With financial discipline<br>and solid balance sheet,<br>we build the grounds for a<br>sustainable growth<br>RENEWABLE ENERGY<br>INVESTMENTS<br>Strategy to create greater<br>cost competitiveness and<br>reduce CO2 emissions<br>PEOPLE’S SAFETY¹<br>2023 2024<br>0.59<br>0.70<br>1 Number of accidents per million hours worked per each Gerdau employee | ||
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| 4<br>FINANCIAL HIGHLIGHTS<br>EPS:<br>R$2.18<br>Totaling earnings per share<br>of R$0.15 in 4Q24<br>ADJ NET INCOME:<br>R$4.3B<br>LEVERAGE:<br>0.48x<br>Low level of leverage, despite more challenging<br>results versus 2023<br>CHANGE IN REPORTABLE SEGMENTS AS<br>OF 1Q25<br> ➢ Brazil<br> ➢ North America<br> ➢ South America<br>CAPEX:<br>R$6.2B<br>Out of this total, 47% was allocated to<br>Maintenance and 53% to Competitiveness<br>FREE CASH FLOW:<br>R$2.9B<br>Reflecting our competitiveness and<br>financial resilience<br>GERDAU S.A.: R$203.4M<br>4Q24 DIVIDENDS<br>METALÚRGICA: R$50.0M<br>To be paid as of March 14, 2025<br>R$ 0.10/share<br>R$0.05/share<br>SHARE BUYBACK:<br>Conclusion of the 2024 program (~3.4% of Gerdau S.A.<br>outstanding shares), and opening of a new 2025 program<br>of up to 64.5 million shares for Gerdau S.A. (~3.1% of<br>outstanding shares), and 6.0 million shares for<br>Metalúrgica Gerdau S.A.<br>Asset optimization and cost-savings<br>initiatives implemented throughout 2024<br>CONCLUSION OF THE COST-SAVINGS PROGRAM | ||
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| OUTLOOK<br>5<br>NORTH<br>AMERICA 1Q25*: Slight margins upturn BRAZIL 1Q25*: Slight margins slowdown<br>Continued discipline in capital allocation through strategic<br>CAPEX and share buyback program<br> ▪ Seasonal improvement in volumes<br>and backlog returning to historic<br>levels (> 60 days);<br> ▪ Spread squeeze (increased scrap<br>costs);<br> ▪ Lower maintenance downtime<br>costs;<br>2025:<br> ▪ Import tariff discussions in the U.S.<br>could influence capacity utilization and<br>spreads;<br> ▪ Positive outlook for non-residential<br>construction demand, infrastructure<br>and government tax packages;<br> ▪ Continuous focus on cost<br>improvements opportunities;<br> ▪ Tougher market, with expectations of<br>macroeconomic scenario downturn and<br>price pressure;<br> ▪ Export volume still relevant, maximizing<br>capacity utilization;<br> ▪ Shutdown for completion of BQ rolling mill in<br>Ouro Branco putting pressure on costs and<br>volume; Estimated startup in February 25;<br>2025:<br> ▪ Civil construction and automotive sectors<br>with resilient demand in the current<br>economic scenario, attentive to the<br>eventual impacts of high interest rates;<br> ▪ Risk of a new increase in imports due to<br>higher tariffs in other markets and the<br>ineffectiveness of the quota-tariff system.<br>* It does not constitute guidance. | ||
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| Q&A<br>To ask questions, indicate your name and<br>institution via the #Raise Hand# icon, wait to be<br>announced to proceed with the question.<br>When announced to ask the question, you must<br>accept the request to activate your microphone<br>and video. | ||
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| Appendices | ||
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| 8<br>WORKPLACE SAFETY<br>We recorded all-time best results in people’s<br>safety<br>Accident Frequency Rate<br>0.59 in 2024<br>1.10<br>0.99<br>1.16<br>1.28<br>1.10 1.08<br>0.87 0.83<br>0.76<br>0.70<br>0.59<br>2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024<br>Number of Accidents per Million Hours Worked per each Gerdau Employee | ||
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| 9<br>QUARTERLY OVERVIEW<br>BRAZIL BD<br> ◼ Theimportedsteel penetrationratereached<br>18.5% in 2024 and remains the sector's main<br>issue;<br> ◼ The domestic market experienced lower<br>volumes due to the typical seasonality of the<br>period;<br> ◼ Exports were more relevant, benefiting from<br>Brazilian real devaluation against the U.S.<br>dollar, enhancing productioncapacity<br>utilizationand dilutingfixedcosts;<br> ◼ Delivery of cost-savings guidance, through<br>asset optimization and improved operating<br>efficiency.<br>Real estate inventory (SP)<br>-6.7%1<br>Infrastructure Investments<br>(Public + Private) +6.3%3<br>Real estate sales in São Paulo hit a<br>record of 103,300 units in 20241<br>.<br>Manufacturing Industry<br>+2.4%2<br>Source: ¹ Secovi SP ; 2 Growth forecast in 2025 - Tendências – PIM-IBGE - Dec/24; ³ Growth forecast in 2025, Tendências ABDIB in Nov/24.<br>58%<br>UTILIZATION<br>RATE<br>Rolled steel Crude Steel 75%<br>Shipments<br>(1,000 tonnes)<br>Net Sales<br>(R$ million)<br>EBITDA<br>(R$ million)<br>EBITDA<br>Margin<br>4Q23 3Q24 4Q24<br>1,269 1,290 1,284<br>-0.5%<br>2023 2024<br>5,150 5,059<br>-1.8%<br>//<br>4Q23 3Q24 4Q24<br>6,034<br>6,738 6,647<br>-1.4%<br>2023 2024<br>26,831 25,962<br>-3.2%<br>512<br>4Q23 3Q24 4Q24<br>1,140<br>1,002<br>-12.1%<br>2023 2024<br>3,436 3,271<br>-4.8%<br>// //<br>8.5%<br>16.9% 15.1% 12.8% 12.6% | ||
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| Imports of finished<br>products at an all-time high despite<br>trade defense<br>measures in place<br>Trade defense<br>measures need to<br>be deepened in<br>pursuit of<br>competitive<br>equality<br>IMPACTS OF UNFAIR LEVEL OF IMPORTS<br>Imports of Finished Products (Mt)<br> ◼ Revision of the quota-tariff system;<br> ◼ Include moreNCMs in the list oftariff exceptions (LETEC);<br> ◼ Greater promptness in antidumping claims filed;<br> ◼ Greater government openness to new trade defense measures.<br>Source: Comexstat<br>Even with the<br>quota+tariff system in<br>place since June 2024,<br>imports in 2024 grew by<br>9% YoY, reaching a<br>historical record;<br>In 3 years, regions with<br>non-competitive<br>conditions increased<br>their share of Brazil’s<br>total finished steel<br>imports from 56% in 2022<br>to 74% in 2024.<br>Quota+Tariff System<br>Note 1: Products under the quota+tariff system include NCMs granted in the Aço Brasil request in April 2024 and NCMs granted in the Sicetelrequest in October 2024.<br>Note 2: Bilateral agreements refer to Egypt and Peru, where both have FTAs in effect with Mercosur/Brazil.<br>Relevant Regions<br>1.3<br>2.3 2.4<br>1.9<br>2.0<br>3.1 2.4<br>4.4<br>4.8<br>2022 2023 2024<br>Dentro Sistema Cota+Tarifa Fora Sistema Cota+Tarifa<br>55%<br>62%<br>68% 1%<br>3%<br>6%<br>43%<br>36%<br>27%<br>3.1<br>4.4<br>4.8<br>2022 2023 2024<br>China Acordos Bilaterais Outros<br>+8.6%<br>+8.6%<br>10<br>Bilateral Agreements Others Within Quota+Tariff System Outside Quota+Tariff System | ||
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| 11<br>NORTH AMERICA BD<br>Manufacturing Index<br>(ISM):<br> ¹<br>52.5<br>PMI:<br> ¹<br>51.2 DMI:<br> ³<br>+2.0% q/q<br>ABI:<br> ²<br>44.1<br> ¹Institute for Supply Management’s Manufacturing index. ² Architectural Billings Index. ³ Dodge Construction Network.<br>Shipments<br>(1,000 tonnes)<br>Net Sales<br>(R$ million)<br>EBITDA<br>(R$ million)<br>EBITDA<br>Margin<br>QUARTERLY OVERVIEW<br> ◼ Shipment volume affected by the typical<br>seasonality of the period, in addition to the<br>uncertainties of the market in general<br>regarding the demand scenario and forward<br>pricing;<br> ◼ Lower average price in U.S. dollars, greater<br>share of rebar in the product mix and pressure<br>from imports;<br> ◼ Dollar cost in line despite scheduled<br>maintenance shutdowns, mainly due to stable<br>scrap prices;<br> ◼ In 2024, results remained above historical<br>levels, reflecting business management<br>flexibility relying on market dynamics and<br>efforts to control costs and SG&A.<br>UTILIZATION<br>RATE Rolled steel 70% Crude steel 65%<br>885<br>976 914<br>4Q23 3Q24 4Q24<br>-6.4%<br>2023 2024<br>3,907 3,834<br>-1.9%<br>//<br>4Q23 3Q24 4Q24<br>5,927<br>6,657 6,215<br>-6.6%<br>2023 2024<br>26,858 25,875<br>-3.7%<br>512<br>751<br>4Q23 3Q24 4Q24<br>1,156<br>-35.0%<br>2023 2024<br>6,822<br>4,877<br>-28.5%<br>// //<br>19.2% 17.4% 12.1%<br>25.4% 18.8% | ||
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| 12<br>SPECIAL STEEL BD<br>BRAZIL<br> ◼ Shipment volume was impacted by weaker<br>demand in the automotive sector and other<br>sectors such as oil and gas;<br> ◼ Increased costs of goods sold due to<br>maintenance shutdowns and lower dilution<br>in fixed costs.<br>UNITED STATES<br>Light Vehicle Production<br>in 4Q24: +17.0% Δ y/y<br>Heavy Vehicle Production<br>In 4Q24: +32.9% Δ y/y¹<br>Light Vehicle Production<br>in 4Q24: +1.7% Δ y/y2<br>Class 4 & 8 Vehicle Production<br>In 4Q24: -3.6% Δ y/y³<br> ¹ ANFAVEA – at the end of 4Q24; ² S&P Global Mobility ³FTR<br> ◼ Lower sequential sales volume due to<br>seasonality. Over the year, volumes grew<br>significantly, driven by growth in the<br>production of trucks and light vehicles<br>production;<br> ◼ Lower costs of goods sold in 2024, reflecting<br>efforts to gain operating efficiency and cut<br>costs and expenses.<br>Shipments<br>(1,000 tonnes)<br>Net Sales<br>(R$ million)<br>EBITDA<br>(R$ million)<br>EBITDA<br>Margin<br>QUARTERLY OVERVIEW<br>UTILIZATION<br>RATE Rolled steel 46% Crude steel 61%<br>339<br>381<br>331<br>4Q23 3Q24 4Q24<br>-13.1%<br>2023 2024<br>1,419 1,427<br>+0.6%<br>//<br>4Q23 3Q24 4Q24<br>2,580<br>2,919<br>2,609<br>-10.6%<br>2023 2024<br>11,385 10,990<br>-3.5%<br>340<br>539<br>452<br>4Q23 3Q24 4Q24<br>-16.1%<br>2023 2024<br>1,915 1,970<br>+2.9%<br>// //<br>13.2% 18.4% 17.3% 16.8% 17.9% | ||
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| 13<br>SOUTH AMERICA BD<br> ◼ Slight upturn in economic activity,<br>benefiting from investments in primary<br>sectors and domestic consumption<br>growth.<br>58% UTILIZATION<br>RATE<br>Rolled steel Crude steel 66%<br>Apparent<br>Consumption<br>of Long Steel:<br>280Kt<br>(+11.6% Δ q/q)1<br>Business Confidence<br>Index:<br>50.0<br>(-1.6 points Δ q/q)2<br>Apparent<br>Consumption<br>of Long Steel:<br>30.8Kt<br>(-0.1% Δ q/q)³<br> ¹ Cámara Argentina del Acero – Dec/24; ² Banco Central de Reserva Del Perú - Dec/24. ³ Transaction<br>Shipments<br>(1,000 tonnes)<br>Net Sales<br>(R$ million)<br>EBITDA<br>(R$ million)<br>EBITDA<br>Margin<br>QUARTERLY OVERVIEW<br>ARGENTINA<br> ◼ Best quarter of the year, driven by<br>advances in the execution of public<br>works in the country.<br> ◼ Consistent demand due to good<br>execution of public and private works.<br>Prices pressured by higher steel<br>imports.<br>PERU<br>URUGUAY<br>243 263 271<br>4Q23 3Q24 4Q24<br>+3.0%<br>2023 2024<br>1,125<br>1,010<br>-10.2%<br>326<br>4Q23 3Q24 4Q24<br>1,452<br>1,711<br>+17.8%<br>2023 2024<br>5,118<br>5,759<br>+12.5%<br>135<br>230 227<br>4Q23 3Q24 4Q24<br>-1.3%<br>969<br>2023 2024<br>1,607<br>-39.7%<br>//<br>31.4%<br>16.8%<br>// //<br>41.5%<br>15.8% 13.3% | ||
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| ¹<br>ASSET OPTIMIZATION AND COST-SAVINGS INITIATIVES<br>IMPLEMENTED THROUGHOUT 2024<br>1 It does not consider impacts of volume, inflation, exchange variation, price fluctuations and raw materials consumption.<br>2024 Initiatives<br> ◼ North America BD<br> − Initiatives to control and optimize personnel, maintenance<br>and third-party hiring;<br> − Whitby collective agreement concluded.<br> ◼ Special Steel BD<br> − Brazil:<br> − Initiatives to control and optimize personnel;<br> − Gains consolidation & annualization.<br> − USA:<br> − Monroe collective agreement concluded;<br> − Rolling mill productivity improvement.<br>Other BDs:<br>~R$0.5 billion/year<br> ◼Units hibernation;<br> ◼Volume migration to other units;<br> ◼Projects to enhance efficiency;<br> ◼Optimization of maintenance costs and specific materials;<br> ◼Greater operating leverage in production units;<br>400<br>2023 Costs<br> & Expenses<br>-150<br>1H24 Gains 2H24<br>Gains<br>-450<br>(1H+2H)<br>Annualized<br>Gains<br>2025 (e)1<br>Costs &<br>Expenses<br>-1,000<br>CONTROLLABLE COSTS AND<br>EXPENSES<br>(R$ million)<br>14<br>Brazil BD:<br>~R$1.0 billion/year<br>OPTIMIZATION AND HIGHER<br>UTILIZATION OF OUR ASSETS,<br>BOOSTING PERFORMANCE AND<br>PROFITABILITY | ||
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| 15<br>HIGHLIGHTS OF THE PERIOD<br> ¹ Non-accounting measurement prepared by the Company. The Company states the Adjusted EBITDA to provide additional information about cash generation in the period.<br> ² Includes iron ore sales.<br>FOCUS ON COMPETITIVENESS THROUGH ASSET OPTIMIZATION IN BRAZIL<br>-171<br>ADJUSTED EBITDA (R$ million) and ADJUSTED EBITDA MARGIN¹ NET SALES² (R$ million)<br>-171<br>-405<br>4Q24<br>2024<br>4Q24<br>2024<br>539 452<br>1,140 1,002<br>1,156<br>751<br>230<br>EBITDA<br>3T24<br>-405<br>North Am.<br>-138<br>Brazil<br>-86<br>Special<br>Steel<br>-3<br>South Am.<br>8<br>Eliminations &<br>Adjustments<br>227<br>EBITDA<br>4T24<br>3,016<br>17.4%<br>2,391<br>14.2%<br>1,711<br>2,919 2,609<br>6,738 6,647<br>6,657 6,215<br>-388 -360<br>1,452<br>Net Sales<br>3T24<br>-442<br>North Am.<br>-91<br>Brazil<br>-310<br>Special<br>Steel<br>259<br>South Am. Net Sales<br>4T24<br>17,378 16,822<br>1,607<br>1,915 1,970<br>3,436 3,271<br>6,822<br>4,877<br>EBITDA<br>2023<br>-1.945<br>North Am.<br>-163<br>Brazil<br>56<br>Special<br>Steel<br>-637<br>South Am.<br>31<br>Eliminations &<br>Adjustments<br>969<br>EBITDA<br>2024<br>13,503<br>19.6%<br>10,844<br>16.2%<br>11,385 10,990<br>26,831 25,962<br>26,858 25,875<br>-1,276 -1,560<br>5,118<br>Net Sales<br>2023<br>-983<br>North Am.<br>-869<br>Brazil<br>-395<br>Special<br>Steel<br>641<br>South Am.<br>5,759<br>Net Sales<br>2024<br>68,916 67,026<br>North Am. Brazil Special Steel South Am. Eliminations & Adjustments<br>-3.2% -20.7%<br>-2.7% -19.7% | ||
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| 16<br>CASH FLOW & NET CASH VARIATION<br> ¹ ConsidersFX variationoninventories,customers,andsuppliers.<br> ²<br>Includes the cash effect of income tax on the Company’s several subsidiaries, including the portion accrued in previous periods, and due in the current period.<br> ³ Includes addition of R$2,396 million in CAPEX in 4Q24, deducted from R$404 million not disbursed in 2024.<br>CASH FLOW<br>(R$ million)<br>NET CASH VARIATION<br>(R$ million) +2.974<br>2,391<br>4Q24 Adjusted<br>EBITDA<br>Working<br>Capital1<br>-45<br>Income<br>Tax2<br>-1,867<br>CAPEX³<br>-487<br>Interest<br>+144<br>JVs<br>Proportional<br>EBITDA<br>-176<br>Intangibles<br> & Leasing<br>-422<br>Other<br>427<br>4Q24 Free<br>Cash Flow<br>+888<br>8,832<br>4Q24 Cash<br>+427<br>3Q24 FCF<br>+202<br>Financing Var.<br>-1,488<br>Return to<br>Shareholders<br>-513<br>M&A<br>+818<br>Exchange rate<br>variation and other<br>4Q24 Cash<br>8,277 | ||
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| 17<br>LIQUIDITY & INDEBTEDNESS<br>CASH, DEBT AND LEVERAGE<br>(R$ billion)<br>LIQUIDITY POSITION AND DEBT AMORTIZATION1<br>(R$ billion)<br>FINANCIAL POLICY RATINGS<br>GROSS DEBT<br> < R$12 BILLION<br>AVERAGE TERM<br> > 6 YEARS<br>NET DEBT/EBITDA<br> ≤ 1.5X<br>BBB STABLE BBB STABLE Baa2 STABLE<br> ¹ Withnodeferredexpenses²GlobalRevolvingCreditFacility<br>5.5<br>5.3<br>4Q23<br>5.1<br>5.9<br>1Q24<br>5.9<br>6.6<br>2Q24<br>3.7<br>8.8<br>3Q24<br>5.4<br>8.3<br>4Q24<br>Net Debt Cash<br>10.9 11.0<br>12.5 12.5 13.6<br>0.40x 0.40x 0.53x<br>0.32x 0.48x<br>Gross Debt Net Debt/Adjusted EBITDA<br>8.3<br>5.4<br>Liquidity<br>0.6<br>2025<br>0.8<br>0.2<br>2026<br>2.6<br>2027<br>1.5<br>2028<br>1.5<br>2029<br>3.1<br>2030<br>3.3<br>2031<br>onwards<br>13.7<br>Cash & Equiv. RCF² Bonds Debentures Bank Loans<br>AVERAGE COST<br>7.2<br>YEARS<br>BRL: 106.7% CDI Y/Y<br>USD: 5.5% Y/Y<br>AVERAGE TERM | ||
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| DISTRIBUTION OF DIVIDENDS ABOVE THE MANDATORY MINIMUM AND SOLID<br>IMPLEMENTATION OF THE SHARE BUYBACK PROGRAM<br>18<br>RETURN TO SHAREHOLDERS<br>NEW SHARE BUYBACK PROGRAM<br>DISTRIBUTION OF DIVIDENDS<br>AMOUNT<br>PER SHARE<br>AMOUNT<br>PER SHARE<br>METALÚRGICA<br>GERDAU S.A.<br>GGBR GOAU<br> ◼ Program total : up to 63.0 million<br>shares<br> ◼ Repurchased by January 2025:<br>R$17.2 M GGBR4/GGBR3/GGB<br> ◼ Program total: up to 6.0 million<br>shares<br> ◼ Repurchased by January 2025:<br>R$10.7 M GOAU4<br>R$ 203.4M<br>R$ 0.10<br>R$ 50.0 M<br>R$ 0.05<br>1.6%<br>98,5%<br>Repurchased² To repurchase<br>GGBR<br>18.2%<br>81.8%<br>GOAU<br>1. Shareholder payment / Parent company’s net income after recording reserves provided for in Bylaws. 2. Considers the buyback program until Jan/2025 .<br>18<br>34.3% 37.3%<br>69.1%<br>41.2%<br>65.9%<br>Payout¹<br>715<br>2020<br>5,355<br>2021<br>6,083<br>1,073<br>2022<br>2,641<br>2023<br>1,664<br>1,195<br>2024<br>7,156<br>2,641 2,859<br>Dividends Distributed (R$ million) Buyback (R$ million)<br>GERDAU<br>S.A.<br>4TH QUARTER 2024 4TH QUARTER 2024<br>R$ 460.6 M<br>R$ 0.45<br>R$ 1.7B<br>R$ 0.80<br>DIVIDENDS<br>(R$ million) | ||
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| Environmental &<br>Safety Returns²<br>~R$ 1.5B<br>1 It does not consider contributions made by Gerdau Next.<br>2<br>Investments with environmental and safety returns are included in the CAPEX guidance.<br>3 After the investment matures<br>CAPEX<br>2025¹<br>2024¹<br>~R$ 1.6B<br>Maintenance Competitiveness<br>INVESTMENTS IN BUSINESS GROWTH AND COMPETITIVENESS<br>To invest in Already invested Capacity addition3<br>(Thousand tonnes/year)<br>NORTH AMERICA BRAZIL TOTAL<br>Roadmap<br>Midlothian<br>Downstream Scrap Processing in<br>Pindamonhangaba<br>Itabiritos Project<br>(Mining)<br>HRC Expansion +<br>Utilities<br>Rolling Capacity Forestry Base<br>Competitiveness<br>MG<br>Total<br>1,500<br>400<br>3,200<br>1,550<br>450<br>350 9,200<br>1,750<br>500<br>250<br>250<br>STRATEGIC CAPEX<br>R$6.0 b<br>R$6.2 b<br>53% 47%<br>50% 50%<br>STRATEGIC<br>CAPEX<br>4Q24 | ~R$1.1 billion<br>2024 | ~R$2.8 billion<br>19<br>4,950<br>4,250 |
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| STRATEGIC CAPEX<br>MAIN PROJECTS<br>ROADMAP MIDLOTHIAN “PHASE 1”<br>PHYSICAL<br>ADVANCE<br>FINANCIAL<br>ADVANCE<br>49% 36%<br>Install of billet handling equipment<br>START UP ESTIMATE (PHASE 1): 2<br>ND SEMESTER 2025<br>POTENTIAL EBITDA:~ R$ 140 MILLION<br>ITABIRITOS PROJECT<br>Filtering Concentrated Ore in the Gerdau Ouro<br>Branco Ore Yard<br>PHYSICAL<br>ADVANCE<br>FINANCIAL<br>ADVANCE<br>55% 60%<br>START UP ESTIMATE: 2<br>ND SEMESTER 2026<br>POTENTIAL EBITDA:~ R$ 1.1 BILLION<br>BQ2 PROJECT<br>New warehouse for BQ stock in Ouro Branco<br>PHYSICAL<br>ADVANCE<br>FINANCIAL<br>ADVANCE<br>97% 93%<br>START UP ESTIMATE: 1<br>ST QUARTER 2025<br>POTENTIAL EBITDA: ~R$ 400 MILLION<br>20 | ||
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| New configuration of Business Divisions as of1Q25:<br> • Brazil<br> • North America<br> • South America<br>21<br>CHANGE IN REPORTABLE SEGMENTS<br>After<br>Before<br>Main reasons forthe change :<br> • The steel industry’s global scenario has<br>led to an increasing regionalization of<br>markets and business dynamics;<br> • Improve the presentation and provide<br>greater visibility to the results by the<br>main regions in which the Company<br>operates (USMCA and Brazil);<br>P1162TB4#y1<br>Modeling Guide<br>Modeling Guide<br>Link<br>More information and proforma<br>results:<br>Brazil BD Special Steel BD North America BD South America BD<br> Brazil United States<br>Brazil North America South America | ||
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| inform@gerdau.com | ri.gerdau.com<br>Follow Gerdau on social media.<br>Earnings<br>Release 1Q25<br>April 28, 2025<br>Videoconference<br>April 29, 2025 | |
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