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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Gustavo Werneck da Cunha ExecutiveBoard | CEO | Board Member of Instituto Aço Brasil, Board Member of Juntos Somos Mais | Gustavo Werneck da Cunha has been with Gerdau for 19 years and has served as CEO since January 2018. He has held various leadership roles, including CIO and Executive Officer of Gerdau Long and Flat Steel Brazil. | View Report → |
Aldo Tapia Castillo Executive | Executive Officer | Board Member of Gerdau Summit | Aldo Tapia Castillo has been with Gerdau for 16 years, holding various leadership positions, including Executive Director at Gerdau Siderperu. He was elected as an Executive Officer on November 6, 2023. | |
Cesar Obino da Rosa Peres Executive | Executive Officer | N/A | Cesar Obino da Rosa Peres has been with Gerdau for 20 years, holding roles such as Commercial Officer of Special Steel and Executive Vice-President for Brazil, Argentina, and Uruguay. | |
Mauro de Paula Executive | Commercial Gerdau Executive Officer | N/A | Mauro de Paula has over 33 years of experience at Gerdau, having held positions such as Logistics Officer and Commercial Officer of Gerdau Steel Brasil. | |
Rafael Dorneles Japur Executive | Executive Vice President and Investor Relations Director | N/A | Rafael Dorneles Japur is currently serving as the Executive Vice President and Investor Relations Director at Gerdau S.A. as of February 10, 2025. | |
Rubens Fernandes Pereira Executive | Executive Vice-President | N/A | Rubens Fernandes Pereira joined Gerdau in 2020 and has held roles such as Executive Vice-President responsible for the Special Steel Business Brazil and Vice-President of the Steel Brazil operation. | |
Wendel Gomes da Silva Executive | Director of Mining and Raw Materials | Board Member of MRS Logística, Chairman of the Raw Materials Committee of the World Steel Association | Wendel Gomes da Silva has 12 years of experience at Gerdau, with roles in the mining area, including General Commercial Manager and Executive Manager. | |
Guilherme Chagas Gerdau Johannpeter Board | Chairman of the Board of Directors | Chairman of the Board of Directors of Metalúrgica Gerdau S.A., Board Member of the Gerdau Institute, President of IEDI, Member of CNDI, Board Member of COSEC of FIESP, Member of GAB of Northwestern Kellogg School of Management | Guilherme has over 37 years of experience at Gerdau, having held positions such as Executive Vice President and Vice Chairman of the Board. He is currently the Chairman of the Board of Directors of Gerdau S.A. |
Research analysts who have asked questions during GERDAU earnings calls.
Caio Ribeiro
Bank of America
3 questions for GGB
Carlos de Alba
Morgan Stanley
3 questions for GGB
Daniel Sasson
Itaú BBA
3 questions for GGB
Ricardo Monegaglia Neto
Safra
3 questions for GGB
Lucas Laghi
XP Inc.
2 questions for GGB
Marcio Farid Filho
Goldman Sachs
2 questions for GGB
Rafael Barcellos
Bradesco BBI
2 questions for GGB
Rodolfo De Angele
JPMorgan Chase & Co.
2 questions for GGB
Yuri Pereira
Santander Bank
2 questions for GGB
Caio Greiner
BTG Pactual
1 question for GGB
Camilla Analyst
Banco Bradesco S.A.
1 question for GGB
Daniel Sassoon
Itau BBA
1 question for GGB
Gabriel Baja
Citigroup
1 question for GGB
Igor Guedes
Genial Investimentos
1 question for GGB
Leo Koheja
BTG Pactual
1 question for GGB
Leonardo Correa
BTG Pactual
1 question for GGB
Lukas Lage
XP Inc.
1 question for GGB
Rafael Marcellus
Bradesco BBI
1 question for GGB
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Gerdau Summit Aços Fundidos e Forjados S.A. | 2025 | Completed acquisition in 2025 where Gerdau S.A. purchased 39.53% of the shares from Sumitomo Corporation and 1.74% from The Japan Steel Works Ltd., thereby gaining 100% ownership following the fulfillment of all precedent conditions. |
Rio do Sangue S.A. | 2025 | Completed acquisition by Gerdau’s subsidiaries acquiring the shares for approximately R$440 million; the deal includes two Small Hydroelectric Power Plants (Garganta da Jararaca and Paranatinga II) designed to supply renewable energy—covering around 8% of Brazil’s steel production consumption—to support cost competitiveness and decarbonization efforts. |
Paranatinga Energia S.A. | 2025 | Completed acquisition of all shares of Paranatinga Energia S.A., which owns the Paranatinga II SHP with a 29MW installed capacity; the deal, structured for approximately R$440 million (subject to adjustments), supports Gerdau’s strategy to boost in-house clean energy production and reduce energy costs as part of its decarbonization goals. |
Dales Recycling Partnership | 2024 | Completed acquisition by Gerdau Ameristeel US Inc., finalized on November 1, 2024, for about US$60 million in cash; the deal secured land, inventory, and fixed assets for operations in Tennessee, Kentucky, and Missouri, enhancing Gerdau’s captive ferrous scrap supply with an annual scrap processing capacity of 160,000 tons and an average EBITDA of US$10 million. |
Solar Arinos Holding S.A. | 2023 | Planned acquisition through Newave Energia S.A., which is set to develop, build, and operate the Arinos Solar Park in Minas Gerais with an installed capacity of around 420 MWp and a total investment of roughly R$1.4 billion; once operational, the park will supply 30% of renewable energy to Gerdau’s units and is projected to reduce Gerdau’s emissions by 22,000 tCO2e annually. |
Siderúrgica Latino Americana S.A. (Silat) | 2020 | Completed acquisition via Gerdau Aços Longos S.A. on November 30, 2020, for 96.35% of Silat’s voting shares at R$475,961, which strengthened Gerdau’s integrated steel value chain in Brazil and added a facility with an annual capacity of 600,000 tonnes—although its financial impact on consolidated net sales and income was minimal. |
Recent press releases and 8-K filings for GGB.
- Gerdau has streamlined its strategic capital expenditure portfolio to three priority projects: the expansion of its Midlothian, Texas plant, a state-of-the-art recycling center in Pindamonhangaba, and mining investments, with the latter's cost updated to approximately BRL 3.6 billion. The mining project is anticipated to generate BRL 1.1 billion in annual EBITDA and contribute BRL 400 million in benefits to the Brazil operation by next year.
- The company maintains a robust financial position, with a net debt over EBITDA ratio of 0.85x, significantly below its internal covenant cap of 1.5x, allowing for potential additional debt of BRL 6 billion to BRL 8 billion without affecting its credit rating.
- Gerdau prioritizes shareholder returns, consistently distributing more than the 30% minimum of net income since 2018 and returning 75% of its free cash flow through dividends and share buybacks. The 2025 share buyback program is 85% executed as of September 30, having reduced the share count by 7% since its start.
- Management asserts that Gerdau is substantially undervalued, trading at approximately BRL 16 per share with an EV/EBITDA multiple of 4 times, compared to an implicit equity value of BRL 22 per share or a book value of BRL 28 per share.
- Strategically, Gerdau is verticalizing its Ouro Branco assets to ensure a 40-year iron ore supply, expanding its flat steel portfolio for the domestic market, and optimizing mini mills for regional competitiveness and scrap recovery.
- Gerdau S.A. and Metalúrgica Gerdau S.A. announced a CAPEX investment plan of R$6.0 billion for 2025 and R$4.7 billion for 2026, with the 2026 figure representing a significant reduction from prior years.
- The companies project R$5.2 billion for Main Projects, with R$4.0 billion already invested and an additional R$1.2 billion to be invested by 2027, anticipating these projects to generate R$1.5 billion in annual EBITDA after ramp-up.
- The Miguel Burnier Mining Project is specifically estimated to contribute R$1.1 billion in annual EBITDA after its ramp-up.
- By September 30, 2025, the company's share buyback program had repurchased R$852.5 million, resulting in a ~7% reduction in outstanding shares since the program's start.
- Gerdau S.A. announced the pricing of new bonds issued by its subsidiary, Gerdau Trade, targeting the US market.
- The bond issuance involves US$650,000,000 in principal, with a 5.750% coupon, a pricing of 99.947% of par, and a maturity set for 2035.
- The report highlights a challenging macroeconomic environment in Q1 2025, with North America recording a 7.9% increase in shipments amid weaker industry activity, while overall operations were impacted by global volatility.
- Net sales increased by 7.2%, driven by U.S. dollar appreciation and higher shipment volumes across segments, although rising costs and adverse exchange variations pressured profitability.
- Segmented performance varied, with Brazil’s stable volumes supported by export growth and South America showing a modest recovery, contrasting with North America’s dynamic response to trade policy changes.
- Gerdau Trade, the wholly-owned subsidiary of Gerdau S.A., has initiated an offer to purchase all outstanding 4.875% Notes due 2027 for cash, with the notes fully guaranteed by Gerdau and its affiliates.
- The offer includes specific deadlines for tendering, settlement on June 12, 2025, and is subject to conditions including a potential debt issuance, with Gerdau Trade reserving the right to extend or terminate the offer at its discretion.
- Robust Financial Performance: Adjusted EBITDA reached R$2.4 billion, net income hit BRL 758 million, with a consolidated balance sheet of R$85.6 billion.
- Strategic Investments & Expansion: Invested BRL 1.4 billion in CapEx and approved a R$6.0 billion plan for the hot-rolled coil mill expansion at Ouro Branco, adding 250,000 tonnes of capacity.
- Strategic Acquisitions: Completed the full acquisition of Gerdau Summit and acquired the Paranatinga II hydroelectric asset for approximately R$197.2 million.
- Share Buyback & Dividends: Advanced the share buyback program by repurchasing 9.4 million shares (15% of the 2025 plan) and announced a dividend of R$0.12 per share with a proposed mandatory dividend of R$243.5 million.
- Operational & Credit Highlights: Achieved an accident frequency rate of 0.61, secured IRMA performance level 50 certification at the Miguel Burnier mine, renewed its Global Credit Line with no funds drawn, and maintained a North American order backlog exceeding 70 days.
- Strategic Update: Filed a Form 6-K on April 30, 2025, and canceled the feasibility study for a new greenfield unit in Mexico amid evolving international trade uncertainties.
- Corporate Disclosure: Confirmed the Corporate Tax ID: 33.611.500/0001-19 along with registration details.