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Gerdau
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 | |
| Type | Sociedade Anônima |
|---|---|
| B3: GGBR3, GGBR4 NYSE: GGB BMAD: XGGB Ibovespa Component | |
| Industry | Ferrous metallurgy |
| Founded | January 16, 1901 |
| Founder | João Gerdau |
| Headquarters | Porto Alegre, RS, Brazil |
Key people | Guilherme Chagas Gerdau Johannpeter, Chairman André Bier Gerdau Johannpeter, co-Vice Chairman Claudio Johannpeter, co-Vice Chairman Gustavo Werneck da Cunha, CEO |
| Products | Long steel, specialty steel, flat steel, and other steel products |
| Revenue |  R$68.916 billion (2023) |
 R$7.536 billion (2023) | |
| Total assets | R$74.885 billion (2023) |
| Total equity | R$49.238 billion (2023) |
Number of employees | 27,371 (2023) |
| Website | www2 |
| Footnotes [1] | |
Gerdau S.A. is the largest producer of long steel in the Americas, and the 33rd largest steelmaker worldwide, with approximately 13 million tons of production in 2023.[2] Gerdau uses mini mills, integrated mills, and direct reduced iron plants; 71% of the steel manufactured by the company is made from recycled scrap.[1] In 2023, 39% of sales were to Brazil and 39% of sales were to North America.[1]
Substantially all of the common shares of the company are owned by Jorge Gerdau Johannpeter and his family; however, non-voting preferred shares, representing a minority interest in the company, are publicly traded.[1]
History
Gerdau was founded as the Pontas de Paris nail manufacturing business by João Gerdau, a German migrant who left the port of Hamburg for Rio Grande do Sul, in Brazil, in 1869 in search of new business opportunities.[1][3]
He passed the business to his son, Hugo Gerdau, who, in 1946, passed it to his son-in-law Curt Johannpeter.[3] After the end of World War II, the nail factory struggled to find raw material. To secure raw materials, the company acquired a steel mill in 1948.[3] By the 1960s, the mill was at capacity and in 1967, the company acquired a minimill in São Paulo. In 1969, the company was renamed Metalúrgica Gerdau S.A.[1] In 1970, the company became a public company via listings on the Rio de Janeiro Stock Exchange and São Paulo Stock Exchange.[3] In the 1980s, the company acquired more steel mills during the privatization of state-owned Brazilian steel companies.[3] By the end of the 1980s, the company had a 40% market share in long steel in Brazil and faced regulatory scrutiny for further acquisitions.[3] In 1983, Curt Johannpeter died and his sons took over management of the business.[3]
In 1989, the company expanded to Canada with the acquisition of Courtice Steel.[3]
During the 1990s, the company expanded its operations in Brazil through the acquisition of Companhia Siderúrgica da Guanabara (COSIGUA) and several affiliated firms. Among these were L. Herzog Indústria e Comércio Ltda. and its associated construction‑supply brand Armafer from founder Leon Herzog, which had been integrated into COSIGUA’s operations and were later incorporated into the Gerdau Group as part of its strategic growth initiatives.[4][5]
In March 1999, the company's American depositary receipts were listed on the New York Stock Exchange.[1]
In August 1999, the company expanded to the U.S. with the acquisition of 75% of AmeriSteel from Kyoei Steel of Japan; production outside Brazil then accounted for 40% of the company's business.[6]
21st century
In 2002, Courtice Steel and AmeriSteel were merged into Co-Steel, a publicly traded Canadian steel manufacturer, which was then renamed AmeriSteel.[7] In November 2004, it acquired North Star Steel from Cargill for $266 million.[8] In 2003 Co-Steel and Gerdau merged 11 assets with annual manufacturing capacity of more than 6.8 million tons of finished steel products, among which were: Gerdau Courtice Steel, based in Cambridge, Ontario; Gerdau MRM Steel, based in Selkirk, Manitoba; and AmeriSteel, based in Tampa, Florida. The entity was renamed Gerdau.[9][10]
In 2007, Gerdau acquired Chaparral Steel for $4.22 billion in cash. At the time, Chaparral was "the second largest producer of structural steel beams in North America, a major supplier of steel bar products and a leading North American recycling company."[11][12]
In April 2008, it acquired from Quanex for $1.46 billion MacSteel, which then produced 1.2 million tonnes annually of steel and employed 1,600 people at six locations across the US.[13]
Also in 2007, Gerdau acquired a 30.45% stake in Industrias Nacionales (INCA), the largest steel producer in the Dominican Republic, for $42 million.[14] In October 2014, INCA merged with Metaldom to form Gerdau Metaldom.[15]
In August 2010, the company paid $1.7 billion to take full ownership of AmeriSteel, its North American unit. At the time, Gerdau claimed to be "the largest producer of long steel in the Americas" and have "plants in 14 countries spanning the Americas, Europe and Asia, with total installed capacity of more than 25 million tonnes of steel."[16][17][18]
In September 2010, the company acquired for $165 million Tamco, which was "a mini-mill steel producer of reinforcing steel bar" based in Rancho Cucamonga, California and "one of the largest rebar mills in the Western U.S. with annual capacity of approximately 500,000 tonnes." [19]
In January 2018, the company sold its wire rod mill in Beaumont, Texas and two downstream facilities to Optimus Steel for $92.5 million.[20]
In November 2018, the company sold 33 rebar manufacturing facilities and 4 EAF mini mills to Commercial Metals Company for $600 million. Included in the transaction were facilities located in Knoxville TN, Jacksonville FL, Sayreville NJ and Rancho Cucamonga CA.[21][22]
In 2019, it sold its manufacturing facility located at Tadipatri India for $120 million and thus sought to refocus only on the Americas.[23]
In 2019, the company formed Gerdau Graphene in partnership with the Graphene Engineering and Innovation Centre (GEIC) at the University of Manchester. It is involved in the development and commercialization of graphene additives and materials for industrial applications.[24]
In December 2020, the company acquired the Brazilian plant Siderúrgica Latino Americana (Silat) for $110.8 million.[25][26]
In March 2024, the company sold its assets in Colombia and the Dominican Republic, including its interest in Metaldom, to INICIA for $325 million.[27]
In September 2024, the company acquired Dale's Recycling, an auto scrap recycler in Tennessee, Kentucky, and Missouri, for $60 million.[28]
In 2025, the company acquired the minority interests in Gerdau Summit Aços Fundidos e Forjados S.A. of Pindamonhangaba, São Paulo which "specializes in cast and forged steel products with an annual production capacity of 40,000 tons" from Sumitomo Corporation and Japan Steel Works for a total of $32.6 million.[29][30]
Controversies and legal issues
Charges of bribery, tax evasion, and money laundering (2016)
In March 2015 and in February 2016, Gerdau's offices in São Paulo, Brasília, Rio de Janeiro, Recife and Porto Alegre, the company's headquarters, were raided by the Brazilian federal police as part of Operation Zealots, a probe into tax fraud. The company and then CEO André Bier Gerdau Johannpeter personally were sued on claims that "executives bribed tax authorities, defrauded Brazil's tax revenue service of $429 million, laundered illegal funds and carried out influence peddling".[31][32] In 2017, the company agreed to pay $15 million to shareholders to settle the claims.[33]
See also
References
- 1 2 3 4 5 6 7 "Gerdau S.A. 2023 Form 20-F Annual Report". U.S. Securities and Exchange Commission. 28 March 2024.
- ↑ "Top steel-producing companies 2023/2022". WorldSteel.
- 1 2 3 4 5 6 7 8 Dolan, Kerry A. (6 June 2013). "Keeping It In The Family". Forbes.
- ↑ Foggiatto, Jomar Leandro (2013). Análise da estratégia de internacionalização do Grupo Gerdau (PDF) (Thesis) (in Portuguese). Universidade Federal do Paraná.
O crescimento do Grupo se deveu basicamente à aquisição da Cia. Siderúrgica da Guanabara – COSIGUA e da L. Herzog Indústria e Comércio Ltda.
- ↑ "Companhia Siderúrgica da Guanabara – COSIGUA". Jornal do Commercio (in Portuguese). 22 March 1995. p. 11.
- ↑ Wisnefski, Stephen (5 August 1999). "Brazilian Steel Group Gerdau Acquires AmeriSteel of the U.S.". The Wall Street Journal.
- ↑ "Co-Steel merging operations with Brazilian company". CBC News. 13 August 2002.
- ↑ Groeneveld, Benno (1 November 2004). "Gerdau completes $266 milliqon acquisition of Cargill steel assets". American City Business Journals.
- ↑ https://www.recyclingtoday.com/news/co-steel--gerdau-combining-steel-operations/
- ↑ "Co-Steel and Gerdau Combine North American Steel Operations". Lexpert. 1 January 2003.
- ↑ "Chaparral agrees to $4.2 billion takeover". NBC News. 11 July 2007.
- ↑ "Gerdau Ameristeel Acquires Chaparral". The New York Times. Reuters. 11 July 2007.
- ↑ "Gerdau Acquiring MacSteel Mini-Mills for $1.5 Billion". Steel Orbis. 24 April 2008.
- ↑ "Gerdau buys stake in Industrias Nacionales CA". Steel Orbis. 30 May 2007.
- ↑ "Gerdau, Metaldom to combine Dominican Republic operations". BN Americas. 8 September 2014.
- ↑ Barreto, Elzio; Parra-Bernal, Guillermo (2 June 2010). "Gerdau buys out Ameristeel stock in $1.7 billion deal". Reuters. São Paulo.
- ↑ "Gerdau Closes Gerdau Ameristeel Transaction". Association for Iron and Steel Technology. 31 August 2010.
- ↑ "GERDAU AMERISTEEL CORPORATION AND GERDAU S.A. ANNOUNCE CLOSING OF TRANSACTION" (Press release). PR Newswire. 30 August 2010.
- ↑ "Gerdau to Acquire Tamco". Association for Iron and Steel Technology. 16 September 2010.
- ↑ "Gerdau Reaches Deal to Sell Texas Mill". Association for Iron and Steel Technology. 31 January 2018.
- ↑ "Irving-based steel manufacturer Commercial Metals plans $600 million acquisition to double capacity". The Dallas Morning News. 2 January 2018.
- ↑ "Commercial Metals Company Completes Acquisition Of Certain U.S. Rebar Assets From Gerdau" (Press release). PR Newswire. 5 November 2018.
- ↑ Sukumar, CR (9 January 2019). "ADV Partners buys Gerdau Steel for $120 mn". The Economic Times.
- ↑ "Gerdau Graphene and GEIC Proud to Partner for a Fifth Year" (Press release). University of Manchester. 12 September 2023.
- ↑ Ignacio, Reicelene Joy (1 December 2020). "Gerdau unit completes acquisition of Siderúrgica Latino Americana". S&P Global.
- ↑ services, WJI staff and wire (4 January 2021). "Gerdau SA subsidiary notes completion of Siderúrgica Latino Americana acquisition".
- ↑ "Gerdau concludes sale of Metaldom to INICIA group". Steel Orbis. 2 February 2024.
- ↑ "Gerdau's Strategic Expansion: A $60 Million Investment in Ferrous Scrap Recycling". The Rio Times. 18 September 2024.
- ↑ Benedito, Luana Maria (21 November 2024). Harvey, Jan (ed.). "Brazil's Gerdau buys out Sumitomo Corp and JSW in Gerdau Summit". Reuters. São Paulo.
- ↑ "Gerdau Finalizes Full Acquisition of Gerdau Summit for $32.6 Million". 10 February 2025.
- ↑ Ewing, Reese; Blount, Jeb (26 May 2016). Hay, Andrew (ed.). "U.S. firm files class action against Brazil steelmaker Gerdau". Reuters.
- ↑ Ewing, Reese; Boadle, Anthony; Stauffer, Caroline (25 February 2016). Prada, Paulo; Simon, W; Adler, Leslie (eds.). "Police raid Brazil steelmaker Gerdau, summon CEO to testify". Reuters. São Paulo.
- ↑ Hill, Jon (7 July 2017). "Gerdau Reaches $15M Deal To End Investors' Bribery Claims". Law360.
