Investor Presentation 2017

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1 Investor Presentation 2017 Gerdau steel in the world 1

2 Outlook Gerdau Highlights 2

3 Economic outlook GDP Growth f 2018f World 3.1% 3.5% 3.6% US 1.6% 2.3% 2.5% Brazil -3.6% 0.5% 2.5% China 6.7% 6.6% 6.2% 3 Sources: IMF and IBGE

4 Better outlook for apparent steel use Region / Country (in mmt and %) 2017f 17/16 World 1, % European Union % NAFTA % USA % Central & South America % Brazil % Asia and Oceania 1, % China % Source: World Steel Association 4

5 Brazil outlook GDP growth: good harvests, some industrial segments (e.g. vehicles) and mineral sector. Sharply reduction in interest rate from 14.25% to 8.5% at year end. Inflation will close the year bellow the target of 4.5%. Release of inactive FGTS accounts: around R$ 40 billion. The Investment Partnerships Program (PPI) has projects in transport, energy, and sanitation. The first auction was a success (4 airport concessions won by foreign investors: US$ 1.2 billion). Progress in reforms: ceiling on public spending and labor reform approved. Social security and tax reform in progress. Moody's revises Brazil's credit rating outlook from negative to stable. 5

6 US outlook Consumer confidence registered a 15-year high after the election. The stock market is shattering records. Job numbers are improving. Trump government focus on: Lower corporate tax rate from 38% to 15%. Reducing regulations: any federal agency that proposes a new regulation must identify two existing ones to eliminate. Spend additional US$ 1.0 trillion in the next ten years to rebuild U.S. infrastructure. 6

7 Capacity utilization rate improved besides overcapacity 7 Source: World Steel Association

8 Chinese exports decreased significantly in last months In million metric tons *January to April of 2017 annualized 8 Source: World Steel Association

9 More balance in Chinese steel market The Ministry of Industry and Information Technology (MIIT) announced that 29 mills will be removed from the list of qualified companies and another 40 mills are requested to improve their environmental and safety performance in order to remain on the list. The National Development and Reform Commission (NDRC) announced that special teams to inspect the 29 provinces to ensure all induction furnaces (~ 120 million tones) not operating for permissible uses are eliminated by June Sources: World Steel Association and Platts

10 World dealing with unfair trade Cases against steel unfair trade growing strongly worldwide; China is the main target of unfair trade cases in more than 20 countries; World reacting against unfair Chinese steel trade conditions: G7 expressed concern regarding overcapacity; Creation of the G20 Global Forum on Steel Excess Capacity; The USA, EU, Canada, Japan, India and Mexico classify China as a non market economy. 10 Source: World Steel Association

11 Price move sideways in the international steel market Turkey China 11 Source: Platts Prices were updated until May, 10

12 Outlook Gerdau Highlights 12

13 Profile 116 OF EXPERIENCE YEARS LEADING IN THE PRODUCTION OF LONG IN THE AMERICAS STEEL ONE OF THE MAIN SPECIAL STEEL SUPPLIER OF THE WORLD LARGEST RECYCLER OF LATIN AMERICA: 12 MILLION TONS SHARES LISTED ON ON THE SÃO PAULO NY AND MADRI: + 120,000 SHAREHOLDERS GLOBAL PRESENCE OPERATIONS IN FLAT STEEL AND IRON ORE MARKETS PIONEER IN THE IMPLEMENTATION OF DIGITAL INNOVATION INITIATIVES IN THE STEEL SECTOR 13

14 Player with dominant presence and broad product portfolio India Billets, blooms & slabs Rebars Merchant bars & light shapes Structural shapes USA & Canada Dominican Republic Mexico Colombia Peru Venezuela Brazil Wires Wire rod Ready-to-use products Nails Chile Uruguay Steel Units Argentina Associated Companies SBQ HRC Heavy plates Iron Ore 14

15 Geographic diversification Brazil North America South America Special Steel Housing Infrastructure Housing Automotive Infrastructure Non-residential Infrastructure Shipbuilding Industrial and commercial buildings Industrial Industrial and commercial buildings Energy Agriculture Exports LTM* Mar.17 32% of Net Sales 40% of Net Sales 12% of Net Sales 16% of Net Sales 40% of EBITDA 23% of EBITDA 15% of EBITDA 22% of EBITDA *Net sales and EBITDA in the last 12 months 15

16 Vertically integrated operations Upstream Steel Downstream Relevant level of direct purchase and captive scrap (50%) 6.3 billion tons of iron ore resources Self-sufficiency at Ouro Branco mill Partial level of energy self generation Low cost structure Mini-mills and integrated mills key to low cost strategy Latest generation technology Reinforcing steel fabrication facilities (Fab Shops) Drawn products Multi-product distribution network Tailor-made added-value approach (~40% of sales to civil construction) 16

17 Transforming Gerdau to achieve our goals and share our success Digital Innovation Digital mill GE partnership Uber for heavy truck Freight cost reduction Metallics Cloud infrastructure Plate mill Earlier entrance: July 2016 Gerdau Agile Day Think big. Start small. Deliver results in a valuable and simple way. The Gerdau we are creating Asset Optimization Economic value: around R$ 2.8 billion since 2014 New partnership in wind power market Culture modernization Leaders as role model People Development Committees: new methodology and career movements 17

18 Asset Optimization: economic value of R$ 2.8 billion since 2014 The strategy of focusing on more profitable assets will continue in Gerdau Diaco (sale of 50% interest, transformation into the JV Gerdau Diaco). Merge in Dominican Republic. JV in Brazil to produce forged parts for the wind power industry. Technical agreement with JFE in heavy plate market. Assets sold: Spain Country Gerdau Sidenor, Forjanor Assets Guatemala and Honduras Colombia United States Corporación Centroamericana del Acero (divestment of 30% interest in the JV) Yumbo, Cleary Holdings Corp Gallatin, 12 downstream units, 4 special steel manufacturing units 18

19 EBITDA margin improvement in 1Q17 mainly due to Brazil BD Unit 1Q17 1Q16 % 4Q16 % Shipments '000 ton 3,591 3, % 3, % Net Sales R$ million Cost of Goods Sold R$ million SG&A R$ million EBITDA R$ million 8,459 10, % 8, % (7,805) (9,272) -15.8% (8,098) -3.6% (439) (644) -31.8% (535) -17.9% % % EBITDA Margin % 10.1% 9.2% 8.3% Net Income* R$ million (34) 14 (205) Free Cash Flow R$ million (256) 11 1, * In the 1Q17 and 4Q16, the net income was adjusted by extraordinary events

20 Geographic diversification reduces volatility EBITDA and EBITDA margin per BD Brazil BD North America BD South America BD Special Steel BD 22.5% 15.3% 22.4% 39.8% 9.2% 9.0% % % % 4.3% % % 11.9% % % 14.2% Q16 4Q16 1Q17 1Q16 4Q16 1Q17 1Q16 4Q16 1Q17 1Q16 4Q16 1Q17 EBITDA (R$ million) EBITDA Margin (%) Participation of adjusted EBITDA per BD 20

21 Strong reduction in SG&A and focus on working capital SG&A R$ million and in % of Net Sales Working Capital 1Q17 5.2% mar.16 jun.16 sep.16 dec.16 mar.17 Working Capital (R$ billions) Cash Conversion Cycle (days) Reduction of R$ 1.8 billion on working capital y-o-y 21

22 Selectivity in CAPEX CAPEX Disbursements (R$ billion) 1Q17 CAPEX by Business Division CAPEX planned for 2017 is R$ 1.3 billion, focused on productivity improvement and maintenance 22

23 Deleveraging of R$ 4.0 billion on Net Debt y-o-y R$ billion Debt & Leverage Ratio R$ billion Debt Amortization Schedule Average Debt Cost: 7.1% EBITDA in the last 12 months BOND 2017 Average Debt Term: 5.6 years Net Debt/EBITDA ratio in 3.5x 23

24 R$ 2.0 billion of FCF generation in the last twelve months Evolution of Free Cash Flow (R$ million) 1Q17 Free Cash Flow (R$ million) 853 (237) (53) (362) (457) (256) Adjusted EBITDA 1Q17 CAPEX Income Tax Debt Interest Working Capital Free Cash Flow 1Q17 24

25 Closing Remarks Gerdau's performance in the first quarter reflects the challenging moment facing the world steel industry. Steel demand in Brazil should grow gradually starting in the second half of In North America, the steel industry continues to grow with a positive forecast for the year. Joint Venture in Colombia and divestments of R$ 441 million in 2017 Priorities for 2017: Free cash flow generation Greater selectivity in CAPEX Reduction in debt indicators Focus on more profitable assets Continuation of the initiatives to modernize the culture and implement digital innovations in the operations. 25

26 Statement This presentation may contain forward-looking statements. These forward-looking statements rely upon estimates, information or methods that may be incorrect or inaccurate and may not actually occur. These estimates are also subject to risks, uncertainties and assumptions, including, among others: general economic, political and commercial conditions in Brazil and in the markets where we operate and existing and future government regulations. Potential investors are hereby informed that these estimates do not constitute a guarantee of future performance as they involve risks and uncertainties. The Company does not undertake, and specifically denies, any obligation to update any estimate, which only speak as of the date they are made. 26

27 Investor Presentation Thank you! 27

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