Gerdau Q2 2025: North America Drives Record EBITDA Share Amid Brazil Import Challenges

SEC Filing 6-K (0001104659-25-072987)

Gerdau S.A. reported Q2 2025 steel shipments of 2.8 million tonnes, with net sales rising 1% QoQ to R$17.5 billion. Adjusted EBITDA grew 7% to R$2.6 billion, driven by North America operations contributing a record 61.4% of consolidated EBITDA. Earnings per share reached R$0.43 (+16% QoQ). The company invested R$1.6 billion in CAPEX (80% in Brazil) and approved R$239.5 million in dividends. Key challenges included Brazil's steel import penetration hitting 26% – a historic high requiring urgent trade defense measures. Environmental progress was highlighted with GHG emissions at 0.85 tCO₂e/tonne steel, the lowest in company history. Safety performance improved (accident rate 0.71). Share buybacks reached 68% of 2025 program (43.8M shares repurchased). Liquidity remained strong with net debt/EBITDA at 0.85x.