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Gerdau S.A.

Gerdau S.A. Third Annual Natural Resources Conference JP Morgan. São Paulo February, 2003. Steel Sector. Crude Steel Output 2002. 1,000 tons. Source: IISI. 03. 1. Arcelor. 43.1. 2. Posco. 27.8. 3. Nippon Steel. 26.2. 4. Ispat. 19.2. 5. Shanghai. 19.1. 6. Corus. 18.1. 7.

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Gerdau S.A.

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  1. Gerdau S.A. Third Annual Natural Resources Conference JP Morgan São PauloFebruary, 2003

  2. Steel Sector

  3. Crude Steel Output 2002 1,000 tons Source: IISI 03

  4. 1 Arcelor 43.1 2 Posco 27.8 3 Nippon Steel 26.2 4 Ispat 19.2 5 Shanghai 19.1 6 Corus 18.1 7 Thyssen Krupp 16.2 Largest Crude Steel Producers IISI - 2001 Million tons Gerdau is the largest long steel producer in the Americas Million tons * OUTPUT OF GERDAU BASED ON 100% OF AÇOMINAS + CO-STEEL + SOUTH AMERICA 2001 OUTPUT Source: IISI e Gerdau 04

  5. Brazilian Output CRUDE STEEL 2002 1,000 tons Source: IBS 05

  6. Gerdau S.A.

  7. Highlights • 102 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 according to the IISI ranking. • Largest long steel producer in the Americas. • Gerdau S.A. is listed on the Brazilian Stock Exchanges, on the NYSE and on the Latibex (Madrid Stock Exchange). Gerdau Ameristeel Corp. is listed on the Toronto Stock Exchange. • 10 units in Brazil, 12 abroad and 2 strategic shareholdings (Sipar - Rolling mill in Argentina and Gallatin - flat steel in the USA). • 72 sales points in Brazil (Comercial Gerdau). • 17 downstream operations and special sections (4 in Brazil e 13 in North America). • 25 fabrication shops (9 in Brazil and 16 in North America). • 4 service centers for flat steel in Brazil (Comercial Gerdau). 07

  8. Met. Gerdau S.A. 50% Gerdau S.A. 96% 100% 79% Seiva Gerdau Internacional Açominas Gerdau Ameristeel Corp. 67% Aza 100% Courtice Gallatin Laisa 100% 50% 100% MRM 100% Sipar 38% AmeriSteel 100% Capital Structure 08

  9. Cambridge, ON (Courtice) MRM Special Sections Whitby, ON Perth Amboy, NJ Sayreville, NJ GERDAU AMERISTEEL Gallatin County, KY HO Charlotte, NC Whitby, ON Cartersville, GA Jacksonville, FL Knoxville, TN Jackson, TN GERDAU S.A. Gerdau Ameristeel Cearense AÇOMINAS Açonorte AZA LAISA Usiba SIPAR Divinópolis Açominas Gerdau S.A. Cosigua Açominas Guaíra Riograndense Piratini Geographical Distribution • ABROAD • 7.0 MILLION TONS OF CRUDE STEEL PER YEAR • 6.8 MILLION TONS OF ROLLED PRODUCTS PER YEAR Barão de Cocais • BRAZIL • 7.2 MILLION TONS OF CRUDE STEEL PER YEAR • 4.7 MILLION TONS OF ROLLED PRODUCTS PER YEAR 09

  10. Capacity & Products 2002 Crude Steel Rolled Products Products 1,000 tons Billets, rebars, merchant bars, profiles, wire-rod, drawn products, nails, specialty steel. Billets, slabs, blooms, rebars,merchant bars, profiles and structurals. Rebars, merchant bars, profiles and wire-rod Rebars, merchant bars, profiles, wire-rod, downstream products, special sections and flat products. 10

  11. Growth Average Rate 1980 - 2002 CRUDE STEEL 10.4% year ROLLED PRODUCTS 9.6% year Co-Steel 2002 Part. Açominas 1997 Usiba1989 Piratini1992 Crude Steel AmeriSteel USA 1999 Pains1994 Sipsa Argentina1997 Barão de Cocais1988 CearenseGuaíra1982 Rolled Products Part. Sipar Argentina 1998 MRM Canada 1995 Hime1985 Aza Chile 1992 Courtice Canada 1989 Laisa Uruguay 1981 Açominas (control) 2002 1980 2002* 1984 1988 1992 1996 2000 * 100% of Co-Steel Output Evolution • Objectives • Strategies • Evolution • Main Events • Gerdau Ameristeel Corp. • Challenges and Forecasts 11

  12. Business Breakdown 2002 NET REVENUE BRAZIL 57% NORTH AMERICA 38% SOUTH AMERICA 5% 100% CRUDE STEEL OUTPUT BRAZIL 64% NORTH AMERICA 33% SOUTH AMERICA 3% 100% EBITDA BRAZIL 79% NORTH AMERICA 16% SOUTH AMERICA 5% 100% ROLLED PRODUCTS OUTPUT BRAZIL 46% NORTH AMERICA 49% SOUTH AMERICA 5% 100% NET INCOME BRAZIL 83% NORTH AMERICA 13% SOUTH AMERICA 4% 100% 12

  13. Results 2002 NORTH AMERICA SOUTH AMERICA US$ million CONSOLIDATED BRAZIL 13

  14. Results - North America CURRENT BASIS 14

  15. Gerdau Ameristeel Corp. Corporate Law X Pro forma figures Gerdau S.A. Consolidated figures Oct 23 – Dec 31, 2002 Gerdau Ameristeel Pro forma figures Oct 1 – Dec 31, 2002 Net Sales: US$ 391 million 22 days more in October Net Sales: US$ 302 million Net Income: US$ 8,4 million Gerdau Consolidated 3,8 Adjustments 4,6 Net Income: US$ 3,8 million EBITDA: US$ 39,6 million GerdauConsolidated 17,0 Adjustments 4,6 Non-recurring pretax cash gains 6,1 Equity pick up over Dofasco JV 4,5 Depreciation 7,4 EBITDA: US$ 17 million 15

  16. Indebtedness GERDAU S.A. - CONSOLIDATED US$ million 16

  17. Outlook 2003 • Economic growth in Brazil • U.S. economy slowly recovering from 2001 recession • Steel imports declining • Slow recovery in Argentina • Positive outlook for the Chilean operations • New federal administration in Brazil • Cost of inputs 17

  18. Capital Markets STOCK PERFORMANCE +573% 600% 400% 200% +42% +45% +11% +1% -18% -26% 0% -14% -36% 1 YEAR 3 YEARS 5 YEARS -200% GERDAU DOW JONES IBOVESPA Appreciation Chart Source: Economática Date: 01/30/2003 18

  19. www.gerdau.com.br inform@gerdau.com.br

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