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Gerdau
BOLSA DE MADRID LATIBEX
Madrid, Barcelona España November 28-29, 2002
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STEEL SECTOR Gerdau S.A. - Consolidated Açominas G
erdau Ameristeel Corporate Governance Capital
Markets
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WORLD - CRUDE STEEL OUTPUT
In million metric tons
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Source IISI / LAFA / IBS
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AMERICAS - CRUDE STEEL OUTPUT
In million metric tons
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Source IISI / LAFA / IBS
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BRAZILIAN OUTPUT
1,000 metric tons

• Growth due to
• Conclusion on the refurbishment of the blast
  furnace at CSN.
• Increase in capacity of melt shop at Cosipa.

Source IBS
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BRAZIL
MARKET SHARELong products
Belgo - 36
GERDAU - 48
Others - 16
APPARENT CONSUMPTION x GDP
Elasticity (multiples)
Source IBS / Conjuntura Econômica
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Steel Sector GERDAU S.A. - CONSOLIDATED Açominas G
erdau Ameristeel Corporate Governance Capital
Markets
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HIGHLIGHTS

• 101 years of tradition focused on the
  production of steel in mini-mills and in
  the distribution of steel products.
• Installed capacity of 14 million metric tons of
  crude steel.
• 15th largest world steel producer by the IISI
  ranking.
• Largest long steel producer of the Americas and
  the 2nd largest in the North America.
• Distribution network with 70 sales points, 5
  service centers for flat steel, 25
  fabrication shops for civil construction and 17
  downstream and specialty facilities.
• 10 steel plants in Brazil, 12 abroad, 1
  strategic shareholding (Argentina)
• and 1 joint venture (USA) in flat steel.
• Gerdau S.A. is listed on the Brazilian Stock
  Exchanges and on the NYSE and Gerdau
  Ameristeel Corp. is listed on the Toronto Stock
  Exchange.

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OUTPUT EVOLUTION CONSOLIDADED
1,000 metric tons 1980 2002 Variation
Crude steel 1,303 11,500 8.8 x
Rolled products 1,182 8,800 7.4 x
2002 includes full year Co-Steel
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CAPITAL STRUCTURE
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INSTALLED CAPACITY 14,2 million metric tons/year

• ABROAD
• 7.0 million metric tonsof crude steel
• 6.8 million metric tons of rolled products

Lasco plant
Sayreville plant
Gallatin (1)

• BRAZIL
• 7.2 million metric tons of crude steel
• 4.7 million metric tons of rolled products

• Flat steel mill, 50 owned JV
• (2) Rolling mill, 38 owned JV

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FINANCIAL STATEMENTS
R million
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GERDAU S.A. CONSOLIDATED
R million
2,958
1,978
1,659
1,300
4Q01
1Q02
2Q02
3Q02
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4Q01
1Q02
2Q02
3Q02
Brazil North America South America
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INDEBTEDNESS
R million
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DEBT BREAKDOWN
Short term
R 4.0 BILLION
Long term
R 3.1 BILLION
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RATIOS
Last 12 months
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4Q01
1Q02
2Q02
3Q02
South America
Brazil
North America
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Steel Sector Gerdau S.A. - Consolidated AÇOMINAS G
erdau Ameristeel Corporate Governance Capital
Markets
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EVOLUTION OF STAKE IN AÇOMINAS
SEPT.00
SEPT.02
DEC.01
Brazilian Central Bank Auction of 17 of former
Banco Econômico
US 180mm
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FINANCIAL STATEMENTS
R million
Source Açominas Balance Sheet sept/02
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OUTPUT SHIPMENTS
Output Revamping of blast furnace of Açominas
1,000 metric tons
3Q02 (1,000 metric tons) Crude steel
651 Rolled products 91
2Q02
1Q02
4Q01
3Q02
Shipments
1,000 metric tons
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Steel Sector Gerdau S.A. - Consolidated Açominas G
ERDAU AMERISTEEL Corporate Governance Capital
Markets
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SYNERGIES
CO-STEEL GERDAU NORTH AMERICA GERDAU
AMERISTEEL

• Gerdau S.A. owns 67 of Gerdau Ameristeel and
  the minority shareholders the remaining 33
  stake.
• With 11 mill locations (one Joint Venture
  Gallatin), Gerdau Ameristeel is
  geographically positioned to service its
  costumers.
• Integrated with 29 downstream steel fabricating
  and specialty product businesses, aiming at
  better profit margins and less volatility of
  earnings.
• Listed in the Toronto Stock Exchange under the
  ticker symbol GNA.
• Gerdau AmeriSteel is the 3rd largest crude
  steel producer and the 2nd largest long
  steel producer in North America.
• Estimates of US 23 million in short term cost
  savings.
• The Board is comprised of 13 members of which 7
  are independent.

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INSTALLED CAPACITY OUTPUT
1,000 metric tons
CAPACITY UTILIZATION 9 MONTHS 2002 78
Joint Venture 50 owned.
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PRODUCT MIX - 2001
Gerdau North America
Co-Steel
Gerdau Ameristeel
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RESULTS PRO FORMA
Debt includes convertible debentures
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Steel Sector Gerdau S.A. - Consolidated Açominas G
erdau Ameristeel CORPORATE GOVERNANCE Capital
Markets
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CORPORATE GOVERNANCE
Objectives
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CORPORATE STRUCTURE
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BOARD
General Business Orientation
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EXECUTIVE COMMITTEE

• JORGE GERDAU JOHANNPETER global orientation of
  Strategic Planning Corporate and Operations,
  Organizational Development, Corporate
  Communications and Community Relations
  Processes.FREDERICO GERDAU JOHANNPETER
  business operation and global orientation of the
  following processes Legal, Accounting, Audit and
  Holdings in addition to the Gerdau Forestry
  business.
• CARLOS JOÃO PETRY guidance and support to the
  other members of the Corporate Executive
  Committee with their Business and Processes and
  global orientation of the following processes
  Human Resources, Procurement and Logistics
  Transportation.
• ANDRÉ JOHANNPETER business operations in North
  America and global orientation of the Information
  Technology Process.
• CLÁUDIO JOHANNPETER Long common and specialty
  Steel Operations in Brazil and global
  orientation of the Industrial Process
  (Production, Engineering, Health Safety and
  Environment).
• OSVALDO SCHIRMER operations in South America,
  global orientation of the Finance-related and
  Investors Relations Processes and Banco Gerdau.
• PAULO B. VASCONCELLOS operations of Açominas
  and global orientation of the following
  processes Marketing Sales, Scrap Purchase and
  Quality Management Systems.
• EXPEDITO LUZ Secretary of the Corporate
  Executive Committee and legal support to this
  Committee.

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Steel Sector Gerdau S.A. - Consolidated Açominas G
erdau Ameristeel Corporate Governance CAPITAL
MARKETS
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PARTICIPATION IN TOTAL CAPITAL
Gerdau S.A.
Metalúrgica Gerdau S.A.
Controllers
Brazilian Institutional Investors
Foreign Institutional Investors
Date 10/30/2001
Public
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DIVIDENDS
Distribution of dividends based on net income
adjusted twice a year.
1ST HALF 2002 MET. GERDAU S.A. GERDAU
S.A. Dividends R 36.0 million R 79.9
million
R million
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LIQUIDITY GERDAU S.A.
Trading volume
US million
Preferred shares and ADRs
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RETURN TO SHAREHOLDERS BOVESPA
Source Economática
Reference 05/17/2002 a 11/13/2002
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RETURN TO SHAREHOLDERS NYSE
Gerdau S.A GGB
Dow Jones
Source Economática
Reference 05/17/2002 a 11/13/2002
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10-YEAR TRACK RECORD
Reference 11/13/2002
Source Economática
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INVESTOR RELATIONS AND CAPITAL MARKET
New Corporate Governance Practices

• Tag Along 100 to all shareholders
• New Corporate Governance structure
• Board External Members
• Fiscal Committee
• Disclosure Policy and compliance with
  Instruction CVM 358
• Inclusion in Bovespas Corporate Governance
  Index Level I

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INVESTOR RELATIONS AND CAPITAL MARKET
New features

• Shareholders Service section on the web site
• Quarterly Releases published in the web site
• Electronic mailing list service
• Toll Free Service for shareholders (Brazil
  only)
• Satisfaction research based on market analysts
  opinion
• Quarterly releases in quarter-over-quarter
  format
• Specific investor relations section on the web
  site
• Visits and presentations (non-deal road shows)
  to investors
• Interactive charts and key ratios on the web
  site (under construction)

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INVESTOR RELATIONS SITE
On our site you will find Schedule of events,
complete texts on results and complementary data,
transcription and audio of conference calls, Q
A sessions in addition to information and
documentation for shareholders.
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www.gerdau.com.br inform_at_gerdau.com.br