4Q14 Conference Call. André B. Gerdau Johannpeter President and CEO. André Pires de Oliveira Dias Vice-President and IR Director

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1 4Q14 Conference Call André B. Gerdau Johannpeter President and CEO André Pires de Oliveira Dias Vice-President and IR Director

2 World steel oversupply remains the industry s challenge Overcapacity and weaker demand in key markets Brazil and other Latin American countries impacted the steel industry, which is experiencing high volatility in its results. The weaker steel demand in Brazil reflected the slowdown in important consumer markets - construction, manufacturing and automotive. Shipments in other Latin American countries were impacted by the region's slower GDP growth and high steel imports. In the U.S. market, demand remained stable in relation to 2013, led by the manufacturing and non-residential construction sectors. Although, higher steel import remains a concern. In the United States, the automotive industry continues to grow, supporting demand for special steels, and gradual improvement in the European and Indian markets. On the other hand, Brazil's auto industry continues to impact special steel shipments in the domestic market. Overcapacity in the world steel industry currently stands at 690 million tonnes/year 2

3 Gerdau s net revenue of R$ 42.5 billion in 2014 Shipments decreased, due to weaker demand in Brazil and in other Latin American countries. EBITDA performance was influenced by gains from the divestment of the interest in U.S. steelmaker Gallatin Steel and by losses from impairment of asseys in Latin America. Net income came to R$1.5 billion, down 12.2% compared to Unit 4Q14 4Q13 % % SHIPMENTS Million tonnes 4,399 4, % 17,869 18, % NET SALES R$ million 10,843 10, % 42,546 39, % EBITDA R$ million 1,536 1, % 5,126 4, % EBITDA MARGIN % 14.2% 13.3% 12.0% 12.0% ADJUSTED EBITDA ADJUSTED EBITDA MARGIN R$ million % 1,238 1, % 4,828 4, % 11.4% 13.3% 11.3% 12.0% NET INCOME R$ million % 1,488 1, % Stronger net sales in the U.S. market and the positive effect from the translation into BRL of net sales generated abroad contributed to net sales growth in the period 3

4 Investments amount to R$2.3 billion in % 25% 14% 14% 40% Brazil North America Latin America Special Steel Iron Ore Main projects Installation of a heavy plates rolling mill at the Ouro Branco mill in Minas Gerais. Construction of a new mill in Mexico to produce structural shapes. Installation of a new continuous casting unit at the St. Paul mill in Minnesota (USA). Installation of new special steel rolling mill and reheating furnace in Monroe (USA). In 2015, Gerdau plans to invest R$1.9 billion in fixed assets (CAPEX) 4

5 Financial Result Gerdau S.A. Consolidated IFRS

6 Adjusted EBITDA remains stable in 2014 Evolution of Ajusted EBITDA (R$ millions) 4,082 (2,481) (116) (42) (1,399) 4,784 4,828 EBITDA 2013 Shipments Net Salet/t* Cost of Sales SG&A Others EBITDA 2014 adjusted * Includes Net Sales from Iron Ore The better performance at the North America BO offset the decline at the Brazil BO 6

7 Geographic diversification reduces volatility in results Shipments ('000 ton) ON Brasil ON América do Norte ON América Latina ON Aços Especiais ON Minério de Ferro 1,792 1,660 1,738 1,476 1,648 1, ,139 1,981 2,254 EBITDA and EBITDA margin per BO Brazil BO North America BO Latin America BO Special Steel BO Iron Ore BO 17,5% 9.2% 18.0% 3.1% 52.2% 22.6% 20.3% 16.5% % % 4.5% 5.7% 7.6% 7.1% * * 10.0% 11.0% 12.1% % % 10 4Q13 3Q14-11,7% 4Q14-24 EBITDA (R$ million) EBITDA Margin (%) Participation of Adjusted EBITDA per BO (last 12 months) * Adjusted BITDA and adjusted EBITDA margin 7

8 Results affected by lower steel shipments and higher costs in the 4Q14 Evolution of EBITDA (R$ millions) 877 (355) (559) (12) (83) 1,370 1,238 * Includes Net Sales from Iron Ore EBITDA 4Q13 Shipments Net Salet/t* Cost of Sales SG&A Others EBITDA 4Q14 Adjusted Evolution of Net Income (R$ millions) 637 (339) 492 (132) (223) (28) (14) 393 Net Income 4Q13 * Net of effect from Net Investment Hedge. EBITDA Variation Depreciation Gains in Joint Ventures operations Impairment of assets Net Financial Result* Income Taxes* Net Income 4Q14 North America increases its contribution to the consolidated results 8

9 Debt impacted by exchange variation Debt and Leverage Ratio Debt Maturity Schedule R$ billion R$ billion 16,3 16,4 16,4 18,1 19, x 2.5x 2.4x 2.7x 2.4x 5,8 4,2 4,7 3,5 4,0 dec.13 mar.14 jun.14 sep.14 dec.14 Gross Debt Principal (R$ billion) Cash (R$ billion) Net Debt/EBITDA¹ e após Average Debt Cost: 6.5% Average Debt Term: 7.1 years (1) EBITDA LTM. Higher cash position reduces the Net Debt/EBITDA ratio to 2.4x 9

10 Reduction in cash conversion cycle to 84 days Working Capital (R$ million) Trade accounst receivable (+) 4,079 4,364 4,439 Inventories (+) 8,500 9,312 8,867 Trade accounts payable (-) 3,271 3,506 3,236 Working Capital 9,308 10,170 10, dec.13 mar.14 jun.14 sep.14 dec.14 Working Capital (R$ billions) Cash Conversion Cicle (days) Release of R$469 million for the Company s cash position 10

11 Final remarks The year 2014 was a challenging one for Gerdau and the steel industry as a whole. However, Gerdau s management efforts made an important contribution to minimizing the impacts from this scenario on the company s operating performance: improvements in operating performance; divestments of non-strategic assets; greater selectivity in investments in fixed assets (CAPEX). The outlook for Brazil will remain difficult in 2015, considering the impact of the economic downturn in the steel consumption levels. Gerdau will continue to work to adjust its operations to developments in the world steel industry, while continuing to work to capture operating efficiency gains and ensure the sustainability of its business. 11

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