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Daniel Sassoon

Research Analyst at Itau BBA

Daniel Sasson is Head of Latam Steel and Mining, Pulp and Paper, Agribusiness, and Cement at Itau BBA, where he leads coverage of major companies including Cementos Argos in the Latin American industrial sector. With a proven track record as an experienced equity research analyst and over a decade in banking, Sasson has held previous roles at leading institutions such as Procter & Gamble, Merrill Lynch, Morgan Stanley, and Credit Suisse before joining Itau BBA. He is a CFA charterholder, reflecting strong professional credentials and expertise in corporate investment banking. His sector specialization and leadership have positioned him as a key figure in Latam equities research.

Daniel Sassoon's questions to GERDAU (GGB) leadership

Daniel Sassoon's questions to GERDAU (GGB) leadership • Q2 2025

Question

Daniel Sassoon questioned Gerdau's gross debt level, which is above its stated policy, and asked if the policy might be reviewed. He also probed for details on potential long-term structural adjustments in Brazil beyond immediate cost-cutting measures.

Answer

CFO Rafael Japur described the high gross debt as a temporary mismatch between cash generation in North America and spending in Brazil, expecting it to normalize. CEO Gustavo Ferneki confirmed that Gerdau is developing long-term structural responses for its Brazilian operations to adapt to unfair competition, with more details to be shared at the upcoming Investor Day.

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