GERDAU (GGB) Company Report

GERDAU S.A. announced that its subsidiary, GUSAP III LP, completed the financial settlement for the prepayment of all its issued Bonds on December 2, 2025.
The Bonds had a principal amount of US$ 500,000,000.00, an interest rate of 4.25%, and a maturity date in 2030.
The total amount paid for the redemption, including accrued interest, was US$ 509,710,576.46.

2 days ago

6-K

Gerdau S.A. Reports Strong Q3 2025 Results and Updates 2026 CAPEX Guidance

GGB

Earnings

Guidance Update

New Projects/Investments

Gerdau S.A. reported Adjusted EBITDA of R$2.7 billion and Earnings per share of R$0.54 in Q3 2025, with Net sales totaling R$18.0 billion.
The North America segment was a key driver, contributing 65% of the consolidated EBITDA in Q3 2025, supported by demand resilience and metal spread expansion.
The company approved dividends of R$0.28 per share for Gerdau S.A. and has repurchased 88% of its 2025 Share Buyback Program, representing 2.9% of outstanding shares.
Gerdau maintained a healthy leverage level with a Net debt/Adjusted EBITDA ratio of 0.81x at the end of Q3 2025.
The 2026 CAPEX guidance was set at R$4.7 billion, a 22% reduction compared to the 2025 estimate, with strategic projects like the Miguel Burnier Mining platform being 90% physically complete and expected to start up in 4Q25.

Oct 31, 2025, 5:07 PM

6-K

Gerdau Reports Strong Q3 2025 Performance Driven by North America, Advances Mining Project

GGB

Earnings

New Projects/Investments

Guidance Update

Gerdau reported Q3 2025 EBITDA of BRL 2.7 billion, a 7% increase quarter-on-quarter, and generated BRL 1 billion in free cash flow, reducing its net debt/EBITDA ratio to 0.81 times.
The North America segment delivered a solid performance, accounting for 65% of consolidated EBITDA and seeing over 10% increase in total shipments, while the Brazilian market continued to be negatively impacted by a 29% steel import penetration rate.
The sustainable mining project in Miguel Burnier reached 90% physical completion and is scheduled for integrated operation in early 2026, with an anticipated BRL 400 million benefit in year one.
The company invested BRL 1.7 billion in CapEx during Q3 2025 and announced a 2026 CapEx guidance of BRL 4.7 billion, representing a 22% reduction from the 2025 forecast.

Oct 31, 2025, 3:00 PM

Transcript

Gerdau S.A. announces Q3 2025 financial results, strategic acquisitions, and capital allocation plans

GGB

Earnings

M&A

Dividends

Gerdau S.A. reported net sales of R$17,983,143 thousand and net income of R$1,089,880 thousand for the three-month period ended September 30, 2025, with basic earnings per share of R$0.54.
For the nine-month period ended September 30, 2025, the company recorded net sales of R$52,884,229 thousand and net income of R$2,712,181 thousand, resulting in basic earnings per share of R$1.33.
As of September 30, 2025, Gerdau S.A. maintained a strong liquidity position with cash and cash equivalents of R$9,389,572 thousand.
The company completed several strategic acquisitions in 2025, including Gerdau Summit Aços Fundidos e Forjados S.A. for approximately US$32.6 million, Rio do Sangue Energia S.A. for R$244.5 million, and Comercial Gerdau Aços Planos Ltda. for approximately R$42.9 million.
Gerdau's Board of Directors approved an advance payment of mandatory minimum dividend totaling R$555.2 million (R$0.28 per share) for payment on December 11, 2025, and also approved the early redemption of bonds with a principal amount of up to US$500 million due in 2030.

Oct 30, 2025, 9:17 PM

6-K

Gerdau S.A. Subsidiary to Redeem $500 Million Bonds

GGB

Debt Issuance

Gerdau S.A. announced that its subsidiary, GUSAP III LP, has been authorized to proceed with the redemption of Bonds.
These bonds have a principal amount of US$500,000,000.00, an interest rate of 4.25%, and a maturity date in 2030.
The redemption, referred to as a "Make-Whole," is expected to take place on December 2, 2025.

Oct 30, 2025, 9:14 PM

6-K

Gerdau Outlines Strategic CapEx, Financial Strength, and Shareholder Return Priorities at Investor Day

GGB

New Projects/Investments

Share Buyback

Dividends

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.

Oct 1, 2025, 1:00 PM

Transcript

Gerdau S.A. Updates CAPEX Plan and Main Projects Projections

GGB

New Projects/Investments

Guidance Update

Share Buyback

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.

Oct 1, 2025, 12:57 PM

6-K

Gerdau S.A. Announces US$650M Subsidiary Bond Offering

GGB

Debt Issuance

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.

Jun 5, 2025, 12:00 AM

6-K

Gerdau S.A. Q1 2025 Management Discussion and Analysis Summary

GGB

Earnings

Revenue Acceleration/Inflection

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.

Jun 3, 2025, 12:00 AM

6-K

Gerdau S.A. Commences Offer to Purchase 4.875% Notes

GGB

Debt Issuance

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.

Jun 3, 2025, 12:00 AM

6-K

Earnings Transcripts

Quarterly earnings call transcripts for GERDAU.

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