One of the world's largest long steel producers, with sizable presence in the U.S. and Brazil; Proven ability to quickly adjust operations amid economic slowdowns; and Management's commitment to preserve credit quality and maintain strong liquidity throughout industry cycles. Cyclical industry trends and heightened exposure to commodities pressuring margins; Sustained steel demand recovery in Brazil amid risks of a second wave of COVID-19; and Fierce competition in long steel in the U.S., as well as sluggish demand recovery for specialty steel. The stable outlook reflects the faster-than-expected recovery in long steel demand in Brazil, as well as milder impacts on Gerdau's other main divisions, except for its specialty steel segment. This, coupled with Gerdau's resiliency and countercyclical measures, should result
