Despite a weak scenario for the global steel industry, Gerdau S.A. has maintained adequate cash flow generation. We are affirming our 'BBB-' global scale and 'brAAA' national scale ratings on Gerdau. The stable outlook reflects our expectation that Gerdau will manage to improve its credit metrics--even under a scenario of weak prices and lower margins. SAO PAULO (Standard&Poor's) Oct. 18, 2012--Standard&Poor's Ratings Services said today that it affirmed its 'BBB-' global scale and 'brAAA' national scale ratings on Brazil-based steel maker Gerdau S.A. The outlook remains stable. "The ratings on Gerdau reflect our assessment of the company's "satisfactory" business risk profile and "intermediate" financial risk profile," said Standard&Poor's credit analyst Rafaela Vitoria. "The supporting
