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BOLSA DE MADRID LATIBEX Madrid, Barcelona España November 28-29, 2002 Gerdau

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STEEL SECTOR Gerdau S.A. - Consolidated Açominas Gerdau Ameristeel Corporate Governance Capital Markets

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Source: IISI / LAFA / IBS WORLD - CRUDE STEEL OUTPUT In million metric tons 03

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AMERICAS - CRUDE STEEL OUTPUT Source: IISI / LAFA / IBS In million metric tons 04

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BRAZILIAN OUTPUT Growth due to: Conclusion on the refurbishment of the blast furnace at CSN. Increase in capacity of melt shop at Cosipa. Source: IBS 1,000 metric tons 05

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Source: IBS / Conjuntura Econômica APPARENT CONSUMPTION x GDP MARKET SHARE Long products GERDAU - 48% Belgo - 36% Others - 16% BRAZIL Elasticity (multiples) 06

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Steel Sector GERDAU S.A. - CONSOLIDATED Açominas Gerdau Ameristeel Corporate Governance Capital Markets

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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. HIGHLIGHTS 08

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OUTPUT EVOLUTION CONSOLIDADED 2002 includes full year Co-Steel 09

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CAPITAL STRUCTURE 10

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Flat steel mill, 50% owned JV (2) Rolling mill, 38% owned JV BRAZIL 7.2 million metric tons of crude steel 4.7 million metric tons of rolled products ABROAD 7.0 million metric tons of crude steel 6.8 million metric tons of rolled products INSTALLED CAPACITY 14,2 million metric tons/year Gallatin (1) Sayreville plant Lasco plant 11

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R$ million FINANCIAL STATEMENTS 12

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Brazil North America South America 1,300 1,659 1,978 2,958 R$ million 4Q01 1Q02 2Q02 3Q02 4Q01 1Q02 2Q02 3Q02 42% 34% 13% GERDAU S.A. CONSOLIDATED 13

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INDEBTEDNESS R$ million 14

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DEBT BREAKDOWN Short term R$ 4.0 BILLION Long term R$ 3.1 BILLION 15

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RATIOS * Last 12 months 16

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4Q01 1Q02 2Q02 3Q02 South America North America Brazil 17

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Steel Sector Gerdau S.A. - Consolidated AÇOMINAS Gerdau Ameristeel Corporate Governance Capital Markets

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EVOLUTION OF STAKE IN AÇOMINAS Brazilian Central Bank Auction of 17% of former Banco Econômico SEPT.00 DEC.01 SEPT.02 US$ 180mm 19

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FINANCIAL STATEMENTS R$ million * Source: Açominas´ Balance Sheet – sept/02 20

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OUTPUT & SHIPMENTS Output Revamping of blast furnace of Açominas Shipments 3Q02 (1,000 metric tons) Crude steel 651 Rolled products 91 1,000 metric tons 1,000 metric tons 2Q02 1Q02 4Q01 3Q02 21

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Steel Sector Gerdau S.A. - Consolidated Açominas GERDAU AMERISTEEL Corporate Governance Capital Markets

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SYNERGIES 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. CO-STEEL + GERDAU NORTH AMERICA = GERDAU AMERISTEEL 23

INSTALLED CAPACITY & OUTPUT: 

* Joint Venture 50% owned. INSTALLED CAPACITY & OUTPUT CAPACITY UTILIZATION – 9 MONTHS 2002: 78% 24 1,000 metric tons

PRODUCT MIX - 2001: 

PRODUCT MIX - 2001 Co-Steel Gerdau North America Gerdau Ameristeel 25

RESULTS – PRO FORMA: 

RESULTS – PRO FORMA * Debt includes convertible debentures 26

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Steel Sector Gerdau S.A. - Consolidated Açominas Gerdau Ameristeel CORPORATE GOVERNANCE Capital Markets

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Objectives CORPORATE GOVERNANCE 28

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CORPORATE STRUCTURE 29

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BOARD General Business Orientation 30

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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. 31

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Steel Sector Gerdau S.A. - Consolidated Açominas Gerdau Ameristeel Corporate Governance CAPITAL MARKETS

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Metalúrgica Gerdau S.A. Controllers Brazilian Institutional Investors Public Foreign Institutional Investors Date: 10/30/2001 Gerdau S.A. PARTICIPATION IN TOTAL CAPITAL 33

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DIVIDENDS 1ST HALF 2002 MET. GERDAU S.A. GERDAU S.A. Dividends R$ 36.0 million R$ 79.9 million 53% 33% 33% 32% R$ million Distribution of dividends based on net income adjusted twice a year. 34

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LIQUIDITY – GERDAU S.A.* Trading volume US$ million * Preferred shares and ADRs 35

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RETURN TO SHAREHOLDERS BOVESPA Source: Economática Reference: 05/17/2002 a 11/13/2002 36

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Source: Economática RETURN TO SHAREHOLDERS NYSE Gerdau S.A GGB Dow Jones Reference: 05/17/2002 a 11/13/2002 37

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10-YEAR TRACK RECORD Reference: 11/13/2002 Source: Economática 38

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INVESTOR RELATIONS AND CAPITAL MARKET 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 Bovespa’s Corporate Governance Index Level I New Corporate Governance Practices: 39

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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) INVESTOR RELATIONS AND CAPITAL MARKET 40

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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. 41

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