SAO PAULO (Standard&Poor's) Sept. 26, 2005--Standard&Poor's Ratings Services said today that the decision by the Brazilian antitrust authority Conselho Administrativo de Defesa Econômica (CADE) to fine Gerdau S.A. (Gerdau, foreign currency BB-/Stable/--, local currency BB+/Stable/--) for anticompetitive practices in Brazil has no immediate effect on Gerdau's ratings. Last Friday, CADE said that Brazilian nonflat steel companies, including Gerdau, must pay a fine equivalent to 7% of their respective construction steel bars domestic gross sales in 1999, adjusted for inflation to the present value. The decision may still be challenged in Brazilian courts. The impact of CADE's decision on Gerdau's business and financial profiles is neutral. While any potential payment to be made by Gerdau cannot be
