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Gerdau

![Gerdau logo](./assets/Gerdau_logo_$2011 Gerdau S.A. is a Brazilian multinational steel producer, established in 1901 as a family-owned nail factory in Porto Alegre and now operating as one of the world's leading manufacturers of long steel products, special steel, and related items through a network of electric arc furnace mini-mills. With a global crude steel production capacity of 15.6 million metric tons as of 2025, Gerdau maintains operations across , , , , and , emphasizing the of metal into products such as , merchant bars, structural shapes, and special bar quality for industries including , automotive, and machinery. The company has expanded significantly since its origins, becoming Brazil's largest steel producer and a key supplier in the Americas for long steel, while investing in capacity enhancements like new hot-rolled coil lines in Brazil and electric arc furnace expansions in the United States to support sustainable production and market resilience. Gerdau's relies on vertically integrated processes, including facilities, which enable it to process over 10 million tons of annually, positioning it as a major recycler in and contributor to practices in .

Company Overview

Founding and Evolution

Gerdau originated in as a modest nail manufacturing operation when German immigrant Johann Heinrich Kaspar Gerdau, who had arrived in in 1869 from , acquired the Fábrica de Pregos Pontas de Paris in , . The enterprise focused on producing basic iron nails for local construction and agricultural needs, reflecting the rudimentary state of 's early industrial sector at the turn of the century, which relied on imported machinery and limited domestic processing capabilities. Gerdau, having initially worked as a trader, leveraged family involvement from the outset, with his son assuming in following the founder's death. Under successive generations of the Gerdau family, maintained tight familial control while adapting to Brazil's gradual industrialization, which accelerated after under policies promoting import substitution and infrastructure development. By the mid-20th century, Gerdau had expanded beyond nails, acquiring the Riograndense in 1948, which enabled production of bars and rods essential for the nation's burgeoning and projects amid post-World War II . This shift addressed rising domestic demand for long products, driven by and federal investments in , , and , though operations remained constrained by Brazil's volatile supplies and technological limitations compared to established global producers. Family stewardship ensured decisions prioritized operational resilience over rapid scaling, fostering incremental diversification within the steel sector. The enterprise's evolution through the early-to-mid exemplified entrepreneurial adaptation in a protectionist economy, where Gerdau navigated import restrictions and local resource scarcity to build a foundation in value-added goods, setting the stage for later prominence without external capital infusions or state subsidies that characterized some competitors. By the , further acquisitions like Siderúrgica Riograndense solidified its position in rolled products, aligning with Brazil's boom under military governments, yet the core remained a family-held entity focused on domestic markets.

Current Scale and Market Position

Gerdau S.A. maintains operations across 10 countries, primarily in the , with additional presence in and , employing approximately 30,000 individuals as of recent reports. The company specializes in long , including rebars, wire rods, and merchant bars, alongside special steels and semi-finished products, which serve key sectors such as , automotive, , and . These operations emphasize technology, leveraging scrap metal to produce tailored for regional demands in building and industrial applications. As the leading manufacturer of long in the , Gerdau holds a dominant position in , its core market, where it commands substantial share in and related products essential for and projects. The firm exports significant volumes to and other Latin American countries, benefiting from integrated supply chains that support local needs and industrial growth. Globally, Gerdau ranks 33rd among steel producers, with crude output stable at around 12.7 million metric tons annually, reflecting efficient amid fluctuating commodity cycles. This scale positions Gerdau as a mid-tier player focused on niche long products rather than broad flat , allowing competitive advantages in cost-sensitive markets through scrap-based production and regional footprint. Its market standing is bolstered by diversified end-user exposure, though subject to price and regional economic conditions in the .

Historical Development

Early Expansion in Brazil (1901–1990)

Gerdau was established in 1901 when German immigrant Johann Heinrich Kasper Gerdau acquired the Pontas de Paris nail factory in , , , initially focusing on producing s amid rising domestic demand driven by early urbanization and construction activity. Under Hugo Gerdau's leadership from 1907, the company expanded its nail operations, adding a second factory in in 1933 to meet growing infrastructure needs in southern . By 1947, the firm had gone public on the Porto Alegre as Fabrica de Pregos Hugo Gerdau, reflecting its consolidation as a key player in basic metal products. Post-World War II raw material import shortages prompted diversification into steel; in 1948, Gerdau acquired the Siderúrgica Riograndense steel works, entering crude steel production and aligning with Brazil's import-substitution industrialization policies that spurred domestic capacity amid urbanization booms. Expansion continued with a second mill at Riograndense in Sapucaia do Sul in 1957, enhancing output for construction and manufacturing sectors. The 1960s and early 1970s saw accelerated growth through acquisitions, including Siderúrgica Açonorte in Recife in 1969 and Siderúrgica Guaira in Paraná in 1971, alongside the construction of the Cosigua minimill in Rio Grande do Sul via a joint venture with August Thyssen Hüette, which Gerdau fully controlled by 1979 and which became Latin America's largest long steel producer at the time. In the and , Brazil's economic volatility—including peaking above 2,000% annually by the late and government interventions like and state-owned steel dominance—challenged private producers, yet Gerdau persisted via and operational efficiencies rather than heavy reliance on subsidies. Key strategies included forming Gerdau Metálicos in 1980 to secure inputs for minimills, reducing to import fluctuations and enabling cost controls through scrap-based production, which proved resilient in a high-inflation environment. Late-decade privatizations of state assets facilitated further domestic consolidation, with acquisitions of the Barão de Cocais mill in in 1988 and Usiba in in 1989, strengthening family-controlled core steel operations ahead of broader restructuring.

Global Growth and Restructuring (1990s–Present)

In the , Gerdau pursued domestic consolidation to enhance operational efficiency amid Brazil's economic liberalization. In 1994, the company acquired the Pains steel mill in , renaming it Gerdau Divinópolis, which expanded its production footprint in the region. This was followed by a major corporate initiated in 1995 and completed in 1997, merging 28 group companies into a single unified entity, Gerdau S.A., to streamline management and reduce redundancies across its operations. Gerdau's international expansion accelerated in the late , transitioning it toward multinational status. In 1995, it acquired MRM Special Sections in , marking an early foray into North American markets. The pivotal move came in 1999 with the acquisition of a majority interest in AmeriSteel Corporation, which operated multiple minimills in the United States and , integrating these assets to bolster Gerdau's presence in long steel production for and . Subsequent targeted acquisitions in and beyond, driven by opportunities in deregulated markets rather than subsidies, solidified its global by the early 2000s. The company has since adapted to fluctuating cycles through capacity adjustments and market-focused investments. In 2023, Gerdau achieved product shipments of 11.3 million metric tons, navigating price volatility influenced by global supply disruptions and demand shifts in key regions like . This resilience underscores a strategy prioritizing efficient minimill operations over integrated , enabling competitive positioning amid economic pressures.

Business Operations

Products and Production Processes

Gerdau specializes in long products, including rebars for , merchant bars, beams, profiles, and piling products, which are primarily used in and applications. The company also manufactures special bar quality (SBQ) steels tailored for machinery components in sectors such as automotive, , and , offering customized alloys with enhanced properties like strength and . Semi-finished products, such as billets and blooms, serve as intermediates for further rolling into downstream items like drawn wire or value-added shapes. The production process centers on (EAF) technology, where scrap metal—accounting for the majority of input materials—is melted at high temperatures generated by electric arcs between electrodes and the charged material. This scrap-based method allows for efficient and adaptability to fluctuating ore prices, as it bypasses traditional dependency on and . Post-melting, the liquid steel undergoes ladle refining to adjust chemistry, vacuum degassing to remove impurities and gases, and into billets or slabs. These are then reheated and hot-rolled into final shapes, followed by cooling, straightening, and finishing processes like coating or cutting to meet specific standards such as ASTM for or custom tolerances for SBQ products. This EAF-centric approach emphasizes through alloying additions during melting and , enabling Gerdau to produce differentiated long products that prioritize structural integrity over commodity flat-rolled , which requires integrated mills for broader sheet production. Compliance with international standards, including ISO certifications for process management, supports for demanding applications like high-strength rebars resistant to seismic loads or for .

Global Facilities and Supply Chain

Gerdau maintains steel production facilities across 13 countries, primarily utilizing electric arc furnaces (EAF) in mini-mills that process scrap metal into long steel products such as rebar and beams. In Brazil, operations center on key hubs including two steel mills in Rio Grande do Sul, alongside plants in Ceará, Minas Gerais, Pernambuco, Rio de Janeiro, and São Paulo, supporting domestic output of structural shapes and merchant bars. North American facilities, which include mills in Texas (e.g., Midlothian EAF plant), Michigan (Jackson and Monroe), and Arkansas (Fort Smith), form a critical network for engineered bars and special steel, with recent expansions targeting 150,000 additional tons of annual capacity starting in 2026. Other sites span Latin America (e.g., potential expansions in Mexico) and Europe, though the core footprint emphasizes the Americas for integrated and semi-integrated production. The company's supply chain depends heavily on scrap metal as the primary input for its EAF mini-mills, supplemented by , , and coking coal sourced from domestic and international suppliers, with Gerdau owning scrap yards across to secure volumes. In Brazil, mini-mill operations face vulnerabilities from electricity shortages, as directly halts production without viable substitutes, exacerbating risks amid regional energy constraints. To mitigate Brazilian market pressures from import surges, Gerdau has shifted capital toward growth, freezing approximately 2.1 billion reais ($400 million) in investments while prioritizing U.S. EAF expansions and asset acquisitions, such as recycling sites, to bolster regional self-sufficiency and counter supply disruptions. This reallocation supports higher shipment volumes in , which accounted for 61.4% of consolidated EBITDA in Q2 , driven by stable availability and reduced exposure to energy volatility.

Sustainability and Corporate Responsibility

Recycling and Resource Efficiency

Gerdau operates as a leading recycler of in , processing approximately 11 million metric tons annually as of 2023, which constitutes a primary input for its production and significantly reduces reliance on virgin . This -based approach, sourced largely from post-consumer and industrial discards, enables the company to produce with up to 73% recycled content in its and mills, aligning with inherent material properties of 's recyclability without quality degradation. The scale of these operations positions Gerdau among the region's top processors, driven by economic incentives such as 's lower procurement costs compared to integrated ore-based routes, rather than predominant regulatory mandates. The company's predominant use of electric arc furnaces (EAFs) in mini-mill facilities enhances by melting with rather than coke-fired furnaces, achieving intensities as low as 400-500 kWh per metric ton of steel—roughly 60-70% less than traditional blast furnace-basic oxygen furnace (BF-BOF) routes that require continuous and inputs. EAFs allow rapid startup and shutdown, minimizing idle waste and enabling flexible production tied to availability, which contrasts with BF-BOF's capital-intensive, high-fixed-cost . This technological choice yields verifiable cost savings, with EAF operations typically incurring 20-30% lower capital and operational expenses per ton, supporting Gerdau's adaptability to fluctuating markets without the environmental externalities of extraction and cokemaking. These practices deliver empirical advantages in cost control and , as circumvents dependencies and leverages 's circular potential for repeated , fostering gains independent of external "sustainability" pressures. Gerdau's model demonstrates that resource optimization stems from first-order —'s abundance and lower —rather than performative environmental claims, though it incidentally lowers CO2 emissions by avoiding BF-BOF's higher demands. Ongoing investments in processing, such as acquisitions enhancing captive supply, further underscore this pragmatic orientation toward long-term viability amid global demand shifts.

Environmental and Social Initiatives

Gerdau has set a target to reduce its Scope 1 and 2 intensity to 0.82 s of CO₂ equivalent per of by 2031, positioning it below 50% of the global industry average, with an aspiration for carbon neutrality across its by 2050. This builds on a current emissions rate of 0.86 s CO₂e per , facilitated by a production model reliant on furnaces and scrap inputs, which inherently yield lower emissions than traditional methods. In parallel, the company emphasizes water stewardship, reporting 97.6% water reuse across operations as part of its . These measures address core operational challenges in an industry responsible for roughly 7% of global GHG emissions, prioritizing efficiency gains over unsubstantiated net-zero narratives. Gerdau's environmental disclosures earned an A- rating from CDP for in the 2023 evaluation cycle, reflecting improved transparency on risks and mitigation strategies. Independent assessments, such as those from the , have recognized select Gerdau units for low emissions performance relative to peers. However, steelmaking's thermodynamic realities—requiring high heat and reductions difficult to fully decarbonize without unproven scale-ups like —temper the feasibility of such targets, underscoring that Gerdau's progress hinges on incremental process optimizations rather than transformative overhauls. Socially, Gerdau focuses initiatives on and in , leveraging its family-controlled structure to support communities proximate to operations. Key efforts include the Lab Habitação coalition, which promotes impact-driven businesses in low-income to address urban deficits. A R$40 million commitment funds the largest such project in company history, targeting transformations via partnerships that enhance local skills and . Complementary programs like B-EPIC foster and through collaborations with , aiming to build sustainable local ecosystems tied to industrial presence. Employee-led committees at each facility drive volunteer-based actions in and , aligning social investments with workforce stability and needs. These grounded approaches, rooted in operational imperatives like license-to-operate in Brazil's resource-dependent areas, contrast with performative frameworks that often prioritize metrics over verifiable socioeconomic uplift.

Financial Performance

Key Financial Metrics

Gerdau S.A. reported net revenues of R$68.9 billion in 2023, reflecting a decline from R$82.4 billion in 2022 amid cyclicality, though long-term historical growth has averaged approximately 5.9% annually, underscoring the company's expansion as Brazil's largest producer over its 123-year . Adjusted EBITDA stood at R$13.5 billion in 2023, down 37.2% from R$21.5 billion in 2022, with margins contracting to 19.6% from 26.1%, a pattern attributable to volatile pricing and global demand fluctuations inherent to the sector rather than operational inefficiencies. The company maintains prudent debt management, achieving an adjusted debt-to-EBITDA ratio of 0.8x as of mid-2024, indicative of financial resilience despite industry pressures, supported by consistent generation. expenditures totaled R$5.7 billion in 2023, allocated across maintenance (R$3.2 billion), expansion (R$2.5 billion), and other areas, forming part of a broader R$12 billion strategic global plan spanning 2021–2026 aimed at capacity upgrades and efficiency gains without excessive leverage. Gerdau's shareholder structure features family control through Metalúrgica Gerdau S.A., the owned by the Gerdau Johannpeter family, which holds the majority of voting shares, ensuring strategic continuity while enabling public capital access via listings on Brazil's B3 exchange (tickers GGBR3, GGBR4) and the NYSE (GGB). This dual-listing model has facilitated expansion funding, with over 260,000 investors participating as of 2023.

Recent Results and Strategic Investments

In the second quarter of 2025, Gerdau reported an adjusted EBITDA of R$2.6 billion, marking a 6.6% increase from the prior quarter, primarily due to robust performance in , which contributed 61% of consolidated EBITDA and offset declines in amid elevated imports. rose 14% quarter-over-quarter to R$864 million, reflecting operational efficiencies despite Brazilian market headwinds. Facing import pressures, Gerdau reduced capital expenditures in Brazil, suspending projects worth R$2.1 billion (approximately $400 million) and overall trimming its 2025 capex forecast, while redirecting resources toward U.S. expansion and internal mining developments like the Miguel Burnier iron ore project. This cost discipline included layoffs of approximately 1,500 employees in Brazil during the first half of 2025, mainly at plants in São Paulo state, to align workforce with subdued demand. Strategically, Gerdau pursued acquisitions to bolster high-margin segments, completing four deals in the , including three in the U.S. (such as a $60 million recycler asset purchase in 2024) and one in (Kloeckner's operations in Paraná in early 2025), enhancing distribution and recycled capabilities. The company intensified focus on special steels and North American operations, leveraging protections to drive output growth there while prioritizing projects yielding higher returns over volume in import-vulnerable markets.

Legal and Regulatory Issues

Bribery, Tax Evasion, and Money Laundering Allegations (2016)

In February 2016, Brazilian federal police conducted raids on Gerdau facilities as part of , an into alleged schemes targeting the Administrative of Appeals (CARF) to reduce liabilities. Authorities accused the company of evading approximately R$1.5 billion (about $380 million at the time) in taxes through payments to influence CARF decisions, including hiring consultants suspected of facilitating . The probe, running parallel to the broader Lava Jato effort, implicated executives such as vice-chairman Expedito Almeida dos Santos Luz in coordinating these activities, though elements were tied to the alleged laundering of bribe proceeds via shell entities. Gerdau denied systemic involvement, asserting that all strategies were legal and involved legitimate external advisors for technical guidance, with no of evasion or by its leadership. attorneys emphasized with investigators while rejecting claims of illicit conduct, framing the accusations as misinterpretations of standard practices amid aggressive prosecutorial tactics in Brazil's politicized drives. In May 2016, federal police indicted CEO André Gerdau Johannpeter, Expedito Luz, and 17 other executives and directors on corruption charges related to CARF manipulation. The allegations prompted a U.S. securities class-action in May 2016, filed by investors claiming Gerdau failed to disclose the risks and probe, leading to a drop in American Depositary Receipts. Gerdau settled the suit in 2017 for $15 million without admitting liability or acknowledging widespread fraud, allowing resolution while preserving its defense of transparency. Outcomes in remained limited, with no major convictions reported against Gerdau executives despite indictments, underscoring critiques of overreach in operations like Zelotes, where initial broad accusations often lacked sustained evidentiary support in court.

Antitrust and Competition Disputes

In January 2025, Gerdau Aços Longos S.A. reached a leniency agreement with Brazil's Administrative Council for Economic Defense (CADE) to resolve an administrative proceeding alleging anti-competitive conduct in the commercial practices for rebar sales between 2008 and 2013, including potential price coordination among producers. The settlement required a payment of 256.1 million reais (approximately US$41.3 million) to the government's Diffuse Rights Defence Fund but explicitly did not constitute an admission of liability or wrongdoing by Gerdau, allowing the company to avoid further litigation while maintaining its denial of cartel involvement. This resolution followed a protracted probe initiated over a earlier, during a period of volatile global prices influenced by surging imports, particularly from , which producers including Gerdau have cited as distorting dynamics and pressuring local pricing strategies. In oligopolistic sectors like long products, where a handful of firms control significant capacity, antitrust authorities often scrutinize parallel price movements, but economic analyses distinguish such behavior—driven by interdependent and transparent cost signals—from explicit , absent of facilitating practices like secret meetings or information sharing. Earlier antitrust challenges include a 2018 Brazilian federal appeals court decision upholding liability against Gerdau in a civil suit by two construction industry unions, which alleged participation in a rebar price-fixing cartel and resulted in an obligation to pay approximately 350 million reais (then about US$113 million) in damages, though enforcement details and appeals outcomes remain contested in subsequent proceedings. In the United States, Gerdau Ameristeel Corporation settled a class-action lawsuit in 2010 accusing it and other steel producers of conspiring to fix prices for structural steel products from 2004 to 2007, contributing over US$6 million to a broader plaintiff fund without admitting fault, amid a wave of similar probes targeting domestic mills during a post-import surge recovery phase. These cases illustrate how competition disputes in the steel sector frequently arise amid external pressures like subsidized foreign dumping, which can amplify perceptions of domestic coordination even where pricing aligns with oligopoly norms rather than predatory intent.

Market Challenges

Import Competition and Industry Pressures

Brazil's steel industry has faced intensifying pressure from a surge in low-priced imports, particularly from , which accounted for nearly two-thirds of the 4.1 million tonnes imported through July 2025, marking a 24.4% increase over the same period in 2024. Import penetration reached 26% in the second quarter of 2025, up 3.9 percentage points from 2024, eroding share and exerting downward pressure on local pricing. This influx, driven by allegations of dumping and state subsidies in exporting countries, has contributed to idle capacities and weakened competitiveness for producers like Gerdau. In response, Gerdau suspended planned investments in totaling 2.1 billion reais ($400 million) as of October 2025, citing diminished market prospects amid the import flood. The company also implemented layoffs exceeding 1,500 employees by August 2025, attributing these measures to the lack of effective defenses against subsidized foreign . Despite maintaining a solid with stable investment-grade credit ratings, Gerdau's operations in have been undermined by these external competitive distortions rather than internal inefficiencies. Gerdau executives have warned of broader industry crisis risks, including potential plant closures and loss of domestic production capacity without stronger trade measures, as imports are projected to hit a record 6.3 million tonnes for 2025. Brazilian authorities have initiated anti-dumping investigations into hot-rolled and pre-painted steel from China and other nations, but existing tariffs and quotas have failed to stem the volume, highlighting ongoing vulnerabilities to subsidized overcapacity abroad. These pressures underscore causal links between global trade imbalances and domestic steel sector declines, independent of calls for protectionism.

Policy Responses and Future Outlook

In response to surging steel imports, primarily from , the Brazilian government reinstated 25% import tariffs on 19 categories of products in 2024, a measure renewed and expanded in May 2025 to include additional trade defense mechanisms such as quotas allowing limited volumes at lower rates of 9-16%. Despite these actions, empirical data indicate limited effectiveness, with imports reaching 4.1 million tonnes through July 2025—a 24.4% increase from the prior year—and domestic capacity utilization dropping amid continued that undercuts local producers. Gerdau executives, including CEO Gustavo Werneck, have argued that the tariffs fail to address loopholes in quota enforcement, allowing subsidized foreign to flood the and exacerbate idleness rates exceeding 30% in some segments. Gerdau has advocated for more robust protections, proposing tariffs of at least 35% on imports exceeding quota limits and stricter enforcement to counter dumping practices that distort competition, as articulated by patriarch Jorge Gerdau in calls for a "stronger response in the steel war against ." These recommendations stem from observations that prior policies, influenced by commitments to multilateral openness, have prioritized ideological free- principles over evidence-based safeguards against overcapacity-driven exports, resulting in causal harms like reduced and job losses in Brazil's sector—estimated at potential risks without escalation. Industry analyses support this view, noting that while tariffs provide partial relief, they have not reversed the 2025 import surge, prompting demands for quota expansions and diplomatic efforts, such as Brazil-U.S. to mitigate reciprocal tariffs on exports. Looking ahead, Gerdau's viability hinges on offsetting Brazilian vulnerabilities through North American expansion, where resilient demand in non-residential construction and automotive sectors—bolstered by U.S. tariffs on foreign steel—drove Q2 2025 volume growth and margin improvements. The company froze approximately $400 million in Brazilian capital expenditures in October 2025, redirecting focus to U.S. operations with plans to add 150,000 tonnes of annual capacity from 2026, anticipating positive cash generation amid global steel demand projected to reach $2.21 trillion by 2033 at a 4.34% CAGR. Long-term success will depend on technological upgrades for efficiency and adaptation to fluctuating demand, though persistent policy neglect in Brazil could constrain domestic contributions unless stronger anti-dumping measures materialize.

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