GERDAU February 2006 The World Money Show. Laisa - 1980 (Uruguay) Piratini (Brazil) AZA (Chile) Ameristeel (USA) AZA New Plant (Chile) Additional stake

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  • Laisa - 1980 (Uruguay)Piratini (Brazil)

    AZA (Chile)Ameristeel(USA)

    AZA New Plant (Chile)

    Additional stake in Aominas (Brazil)Potter FormGate City & RJNorth Star (USA)

    SACK (Chile)Cambridge (Canada)

    Usiba (Brazil)Manitoba(Canada)Controll of Aominas (Brazil)

    Cartersville Drawing Co-Steel(USA)1,7573,0723,9344,5957,69611,07616,372TOTAL INVESTED (1981-Sep.2005):Brazil = US$ 4.0 billion + Debt North America = US$ 1.4 billion + DebtSouth America = US$ 448 million + DebtIn thousand tonsSolid Track RecordAraariguama (Brazil)

    Diaco (Col.)17,797Baro de Cocais (Brazil)2,611Stake in Aominas(Brazil)4,568

    Grf1

    2388000330000

    2292000333000

    2278000333000

    2736000336000

    3130000336000

    3027000336000

    3520000414000

    3520000390000

    3890000405000

    3890000705000

    3890000705000

    3835000733000

    3835000733000

    47807502915000

    49111503115000

    52975003130000

    71740003902000

    73740007076552

    75750008797000

    76000009297000

    Brasil

    Total Exterior

    Plan1

    Ao Bruto1982198319841985198619871988198919901991199219931994199519961997199819992000200120022003200420052006

    Brasil1,727,0002,056,0002,056,0002,388,0002,388,0002,292,0002,278,0002,736,0003,130,0003,027,0003,520,0003,520,0003,890,0003,890,0003,890,0003,835,0003,835,0004,780,7504,911,1505,297,5007,174,0007,374,0007,575,0007,600,0008,500,000

    Am. do Sul30,00030,00030,00030,00030,00033,00033,00036,00036,00036,000114,00090,000105,000105,000105,000133,000133,000430,000430,000430,000430,000510,000970,000

    Am. do Norte0.00.00.00.0300,000300,000300,000300,000300,000300,000300,000300,000300,000600,000600,000600,000600,0002,485,0002,685,0002,700,0003,472,0006,566,5528,287,040

    Total Exterior30,00030,00030,00030,000330,000333,000333,000336,000336,000336,000414,000390,000405,000705,000705,000733,000733,0002,915,0003,115,0003,130,0003,902,0007,076,5528,797,000929700010073000

    Plan1

    Brasil

    Total Exterior

    Plan2

    Plan3

  • Brazil8.5 million tons of crude steel4.8 million tons of rolled steel productsAbroad10.1 million tons of crude steel9.6 million tons of rolled steel productsTotal Capacity (Includes Joint Ventures)18.6 million tons of crude steel14.4 million tons of rolled steel products11 mills11 fabrication shops6 downstream operations and special sections75 sales points and flat steel service centers18 mills and 1 rolling mill 37 fabrication shops17 downstream operations and special sections2 joint ventures (USA and Spain)An International CompanySteel millsJoint ventureRolling millCylinders factory

  • Comparison of Results 9M2005 Annualized Data** Last stock price in 11.10.2005

    9M05

    COMPARATIVO SETOR9M05 - AnualizadoGERDAUBELGOCSNUSIMINASCSTGNA 2NUCOR 3STEEL DYNAMICSCOMMERCIAL METALS

    DataDateMar-04Mar-04Mar-04Mar-04Mar-04Mar-04Mar-04Mar-04

    TICKERTICKERGGBR4BELGCSNUSIMGNA.TONUESTLDCMC

    Valor de Mercado - 30.09.2005(US$ mm)Market Capitalization - 05.19.2004 (US$ mm)8,1534,2796,6275,3323,6571,58211,4291,7061,988

    Enterprise Value (EV) - Valor de Merc. + Dv. Liq. (US$ mm)Enterprise Value - EV (US$ mm)9,2844,5319,6836,3253,9931,81710,7462,1522,264

    EBITDA (US$ mm)EBITDA anualized(US$ mm)2,2871,2262,0912,7251,2606182,470406550

    EV/EBITDA(X)EV/EBITDA anualized(X)4.13.74.62.33.22.94.35.34.1

    Preo - 30.09.05(US$)Price - 05.19.2004 (US$)18.45606.7324.3623.6771.745.2072.4037.8133.68

    Lucro Lquido(US$ mm)Net Income annualized(US$ mm)1,4857669761,5327042871,292209283

    P/E - Preo/ Lucro Lquido por ao(X)P/E - Price/Earnings per share(X)5.55.66.83.55.25.58.88.27.0

    Valor Merc./EBITDA (X)Market Cap./EBITDA anualized(X)3.63.53.22.02.92.64.64.23.6

    Margem EBITDA24%35%46%46%50%16%20%19%19%

    Dividendos 20043.230.048.034.8714.590.6900.2500.340

    Cotao do ltimo dia do ano46.491,500.1050.7951.38150.9352.34037.88050.560

    LL/ao 200410.960.157.7513.9231.867.16.03.3

    Dividend Yield 20046.1%2.9%15.8%9.5%9.7%0.01.3%0.7%0.7%

    Pay-out 200432%29%104%35%46%0.09.7%4.2%10.3%

    Vendas (mil ton)Shipments annualized (1,000 tons)13,581.34,492.04,686.77,157.34,398.76,447.119,060.03,526.03,414.7

    Receita Lquida (US$ mm)Net Sales annualized (US$ mm)9,659.93,513.14,505.55,947.42,532.63,950.512,658.02,153.62,855.2

    Preo Mdio (RL em US$/Ton vendida)Average Price (US$/Ton)711.3782.1961.3831.0575.8612.8664.1610.8836.2

    Dvida Lquida (US$ mm)Net Debt (US$ mm)1,131.0251.93,056.4993.4335.7235.3(683.7)446.3276.2

    Quantidade de aes (milhes)*Shares Outstanding (million)442.07,052.3272.1225.350,976.0304.2157.945.159.0

    LL por ao (US$)Earnings per share annualized3.36108.683.596.8013.820.948.194.644.79

    US$/Ton vendida

    Despesas Financeiras(-VMC)/Ton7.211.0102.513.311.58.00.510.09.3

    Valor de Mercado/Ton6009531,414745831245600484582

    EBITDA/Ton16827344638128696130115161

    Lucro Lquido/Ton10917120821416044685983

    Dvida Lquida/Ton83566521397636(36)12781

    US$US$2.25802.25802.25802.25802.2580nananana

    Aesunitriomil aesunitriounitriomil aesunitriounitriounitriounitrio

    Incio do ExerccioJaneiroJaneiroJaneiroJaneiroJaneiroJaneiroJaneiroJaneiroOutubro

    2 Dados GNA em USGAAP, earnings inclui JV. GNA comeou a pagar dividendos em 2005.

    3 Vendas da Nucor excluindo intercompanies (shipments to outside customers) Inclui aos planos

    Nucor, Steel Dynamics e GNA em toneladas curtas

    RL da Commercial Metal apenas do steel segment

    EBITDA empresas americanas = Net Sales - Cost of product sold - SG&A + Depreciation & Amortization

    * O n de aes das empresas americanas uma mdia das aes em circulao no perodo.

    * As vendas das empresas americanas esto em toneladas curtas.

    &L&D &T&R&"Verdana,Normal"RI> Planilhas de Atualizao> Setor Siderrgico > Comparativo do Setor

    Shipments of Steel Operations

    Mercado

    GERDAUBELGOCSNUSIMINASCSTNUCORSTEELDYNAMICSCOMMERCIALMETALS

    Market Cap - 01.23.2006(US$ mm)Valor de Mercado - 30.09.2005(US$ mm)8,1534,2796,6275,3323,65711,4291,7061,988

    Enterprise Value (EV) (US$ m)Enterprise Value (EV) (US$ mm)9,2844,5319,6836,3253,99310,7462,1522,264

    EBITDA (US$ m)EBITDA (US$ mm)2,2871,2262,0912,7251,2602,470406550

    EV/EBITDA(X)EV/EBITDA(X)4.13.74.62.33.24.35.34.1

    Stock Price - 01.23.06(US$)Preo - 30.09.05(US$)18.45606.7324.3623.6771.7472.4037.8133.68

    Net Profit(US$ m)Lucro Lquido(US$ mm)1,4857669761,5327041,292209283

    P/E(X)P/E(X)5.55.66.83.55.28.88.27.0

    Market Cap /EBITDA (X)Valor Mercado /EBITDA (X)3.63.53.22.02.94.64.23.6

    Dividend Yield 2004Dividend Yield 20046.1%2.9%15.8%9.5%9.7%1.3%0.7%0.7%

    Pay-out 2004Pay-out 200432%29%104%35%46%10%4%10%

    GNANUCORSTEELDYNAMICSCOMMERCIALMETALS

    Market Cap - 06.30.2005(US$ mm)Valor de Mercado - 30.09.2005(US$ mm)1,58211,4291,7061,988

    Enterprise Value (EV) (US$ m)Enterprise Value (EV) (US$ mm)1,81710,7462,1522,264

    EBITDA (US$ m)EBITDA (US$ mm)6182,470406550

    EV/EBITDA(X)EV/EBITDA(X)2.94.35.34.1

    Stock Price - 06.30.05(US$)Preo - 30.09.05(US$)5.2072.4037.8133.68

    Net Profit(US$ m)Lucro Lquido(US$ mm)2871,292209283

    P/E(X)P/E(X)5.58.88.27.0

    Market Cap /EBITDA (X)Valor Mercado /EBITDA (X)2.64.64.23.6

    Dividend Yield 2004Dividend Yield 2004nd1.3%0.7%0.7%

    Pay-out 2004Pay-out 2004nd10%4%10%

    Operacional

    GERDAUBELGOCSNUSIMINASCST

    Shipments (1,000 tons)Vendas (mil ton)13,5814,4924,6877,1574,399

    Net Sales Revenue (US$ m)Receita Lquida (US$ mm)9,6603,5134,5055,9472,533

    Average Selling Price (US$/Ton)Preo Mdio (RL em US$/Ton)711782961831576

    Margem EBITDA (EBITDA/RL)24%35%46%46%50%

    Net Debt (US$ m)Dvida Lquida (US$ mm)1,1312523,056993336

    US$/Ton ShippedUS$/Ton Vendida

    Net Financial Expenses (-FX & monetary)/TonDespesas Financeiras (-VMC)/Ton7.211.0102.513.311.5

    Market Cap/ TonValor de Mercado/Ton6009531,414745831

    EBITDA/ TonEBITDA/Ton168273446381286

    Net Profit/ TonLucro Lquido/Ton109171208214160

    Net Debt/ TonDvida Lquida/Ton835665213976

    GNANUCORSTEELDYNAMICSCOMMERCIALMETALS

    Shipments (1,000 tons)Vendas (mil ton)6,44719,0603,5263,415

    Net Sales Revenue (US$ m)Receita Lquida (US$ mm)3,95112,6582,1542,855

    Average Selling Price (US$/Ton)Preo Mdio (RL em US$/Ton)613664611836

    Margem EBITDA (EBITDA/RL)16%20%19%19%

    Net Debt (US$ m)Dvida Lquida (US$ mm)235(684)446276

    US$/Ton ShippedUS$/Ton Vendida

    Net Financial Expenses (-FX & monetary)/TonDespesas Financeiras (-VMC)/Ton8.00.510.09.3

    Market Cap/ TonValor de Mercado/Ton245600484582

    EBITDA/ TonEBITDA/Ton96130115161

    Net Profit/ TonLucro Lquido/Ton44685983

    Net Debt/ TonDvida Lquida/Ton36(36)12781

  • [email protected]+55 51 3323 2703Gerdau S.A.

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