Overview Key strengths Key risks One of the world's largest long steel producers, with sizable footprint in Brazil and the U.S., as well as in other Latin American countries. Exposed to cyclical industry with heightened exposure to commodity prices and foreign exchange (FX) rates. Healthy balance sheet allows higher investments to improve operating efficiency and expand capacity through brownfields Recession risks could hamper steel demand and prices worldwide. Commitment to a gross debt maximum target will limit leverage during downturns. Higher volatility in a higher-risk country of exposure, Brazil. Strong liquidity cushions the company from market downturns. Gerdau S.A.?s margins remained fairly resilient in 2022, reaching 24.5% after record-high 28.2% in 2021. Headwinds in 2023, especially in Brazil, should further
