Brazil-based steel producer Gerdau has maintained adequate cash flow generation, in spite of a weak scenario for the global steel industry. We are affirming our 'BBB-' global scale and 'brAAA' national scale ratings on Gerdau. The stable outlook reflects our expectation that Gerdau will improve its credit metrics, as the steel industry in Brazil and the U.S. slowly recovers and will continue its efforts to keep costs under control. SAO PAULO (Standard&Poor's) Aug. 2, 2013--Standard&Poor's Ratings Services 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.
