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    Rafael Marcellus

    Senior Equity Research Analyst at Bradesco BBI

    Rafael Marcellus is a Senior Equity Research Analyst at Bradesco BBI, focused on the Latin American metals and mining sector with particular coverage of leading firms such as Gerdau. Known for his incisive analysis and direct engagement with corporate leadership during earnings calls, Marcellus delivers research that informs major investment decisions within Brazil's dynamic industrial landscape. Over his career, he has established a reputation for thorough financial modeling and insightful macroeconomic commentary, contributing to Bradesco BBI's position as a key advisor in the region. While specific performance metrics and professional credentials are not publicly detailed, his active role and visibility in capital markets reflect deep sector expertise and a trusted standing among institutional investors.

    Rafael Marcellus's questions to GERDAU (GGB) leadership

    Rafael Marcellus's questions to GERDAU (GGB) leadership • Q2 2025

    Question

    Rafael Marcellus sought clarity on Gerdau's rebar strategy and competitive positioning in Brazil. He also asked about demand and pricing for structurals and merchants, and inquired about the company's minimum required maintenance CapEx level.

    Answer

    CFO Rafael Japur reiterated Gerdau's commitment to defending its market share in long steel, citing its strong cost position. He noted that while the market for structurals and merchants is currently stable, it faces risks from tariffs impacting the manufacturing industry. He clarified that the planned CapEx reduction is a strategic choice, and essential maintenance investments will continue.

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