<SEC-DOCUMENT>0001104659-20-126257.txt : 20201117
<SEC-HEADER>0001104659-20-126257.hdr.sgml : 20201117
<ACCEPTANCE-DATETIME>20201117125654
ACCESSION NUMBER:		0001104659-20-126257
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20201117
FILED AS OF DATE:		20201117
DATE AS OF CHANGE:		20201117

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GERDAU S.A.
		CENTRAL INDEX KEY:			0001073404
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL WORKS, BLAST FURNACES & ROLLING & FINISHING MILLS [3310]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D5
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14878
		FILM NUMBER:		201320216

	BUSINESS ADDRESS:	
		STREET 1:		AV DOUTORA RUTH CARDOSO, 8,501
		STREET 2:		8TH FLOOR
		CITY:			SAO PAULO, SP
		STATE:			D5
		ZIP:			05425-070
		BUSINESS PHONE:		011-55-51-3323-2703

	MAIL ADDRESS:	
		STREET 1:		AV DOUTORA RUTH CARDOSO, 8,501
		STREET 2:		8TH FLOOR
		CITY:			SAO PAULO, SP
		STATE:			D5
		ZIP:			05425-070

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GERDAU SA
		DATE OF NAME CHANGE:	19981112
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>tm2036234-1_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 6-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>U.S. SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">SECURITIES
EXCHANGE ACT OF 1934</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Dated November 17, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Commission File Number 1-14878</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>GERDAU
S.A.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name as Specified in its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Translation of Registrant&rsquo;s Name)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Av. Dra. Ruth Cardoso, 8,501 &ndash; 8&deg;
andar</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">S&atilde;o Paulo, S&atilde;o Paulo - Brazil
CEP 05425-070</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Indicate by check mark
whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 94%; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: justify">Form
20-F <FONT STYLE="font-family: Wingdings">&#120;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 88%; text-align: justify">Form 40-F <FONT STYLE="font-family: Wingdings">&#168;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Indicate by check mark
if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Indicate by check mark
if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Indicate by check mark
whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 94%; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: justify">Yes <FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; text-align: justify">No <FONT STYLE="font-family: Wingdings">&#120;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If &ldquo;Yes&rdquo;
is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused the Report to be signed on its behalf by the undersigned,
thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Date:&nbsp;&nbsp;&nbsp;November 17, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">GERDAU S.A.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%"><FONT STYLE="font-size: 10pt">/s/ Harley Lorentz Scardoelli</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Harley Lorentz Scardoelli</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Title:&nbsp;</FONT></P></TD>
    <TD><FONT STYLE="font-size: 10pt">Investor Relations Director</FONT></TD></TR>
</TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT INDEX</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: justify"><U>Exhibit</U></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 88%; text-align: justify"><U>Description of Exhibit </U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><A HREF="tm2036234d1_ex99-1.htm">99.1</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><A HREF="tm2036234d1_ex99-1.htm">Press release, November 16, 2020</A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -2in"></P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm2036234d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99-1
<TEXT>
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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><B>Exhibit 99.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2036234d1_ex99-1img001.jpg" ALT="" STYLE="width: 250"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 33.05pt 0pt 52.05pt; text-align: center; text-indent: 0.05pt"><B>GERDAU
S.A. ANNOUNCES COMMENCEMENT OF CASH TENDER OFFER UP TO A MAXIMUM AMOUNT OF U.S.$230,000,000 AGGREGATE CONSIDERATION FOR CERTAIN
OF THE OUTSTANDING 5.750% BONDS DUE 2021, 4.750% BONDS DUE 2023, 5.893% BONDS DUE 2024 AND </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 33.1pt 0pt 51.85pt; text-align: center"><B>4.875% BONDS DUE 2027
</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>S&atilde;o Paulo, Brazil, November
16, 2020 </I></B>&#8211; Gerdau S.A. (Bovespa: GGBR, NYSE: GGB, Latibex: XGGB) (&#8220;<U>Gerdau</U>&#8221; or the &#8220;<U>Company</U>&#8221;)
today announced the commencement of an offer to purchase for cash (the &#8220;<U>Tender Offer</U>&#8221;) up to a maximum amount
of U.S. $230,000,000 (the &#8220;Aggregate Maximum Tender Consideration&#8221;) (including the Early Tender Payment, if applicable)
of the outstanding 5.750% Bonds due 2021 (the &#8220;<U>2021 Bonds</U>&#8221;) issued by Gerdau Trade Inc. (&#8220;<U>GTI</U>&#8221;),
4.750% Bonds due 2023 (the &#8220;<U>2023 Bonds</U>&#8221;) issued by GTI, 5.893% Bonds due 2024 (the &#8220;<U>2024 Bonds</U>&#8221;)
issued jointly by Gerdau Holdings Inc. (&#8220;<U>GHI</U>&#8221;) and GTL Trade Finance Inc. (&#8220;<U>GTL</U>&#8221;), and the
4.875% Bonds due 2027 (the &#8220;<U>2027 Bonds</U>&#8221;, and together with the 2021 Bonds, the 2023 Bonds and the 2024 Bonds,
the &#8220;Bonds&#8221; and each, a &#8220;<U>series</U>&#8221; of Bonds) issued by GTI (GTI, GHI and GTL, collectively, the &#8220;<U>Issuers</U>&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Tender Offer is being made pursuant
to the offer to purchase dated November 16, 2020 (the &#8220;<U>Offer to Purchase</U>&#8221;). The principal purpose of the Tender
Offer is for the Issuers to manage their liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The table below summarizes certain payment
terms for the Tender Offer:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 10%; border: black 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Description
    of Bonds</B></FONT></TD>
    <TD STYLE="width: 28%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>CUSIP
    / ISIN Nos.</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Outstanding
    <BR>
    Principal<BR>
    &nbsp;Amount</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Tender
    Offer Consideration<BR>
    &nbsp;(1)(2)</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Early
    Tender Payment <BR>
    (1)</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total
    Consideration<BR>
    (1)(2)</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Acceptance
                                         Priority</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Level</B></FONT></P></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 0.05in 2.15pt; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5.750%</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Bonds
                                         due 2021</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.05in 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">G3925DAA8
    / USG3925DAA84<BR>
    37373WAA8 / US37373WAA80 </FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.05in 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">U.S.$394,643,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.05in 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">U.S.$958.62</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.05in 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">U.S.$50.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.05in 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">U.S.$1,008.62</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.05in 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 0.05in 2.15pt; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5.893%</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Bonds
                                         due 2024</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.05in 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">G24422AA8
    / USG24422AA83<BR>
    36249SAA1 / US36249SAA15</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.05in 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">U.S.$626,403,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.05in 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">U.S.$1,081.50</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.05in 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">U.S.$50.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.05in 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">U.S.$1,131.50</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.05in 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 0.05in 2.15pt; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt">4.750%</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Bonds
                                         due 2023</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.05in 2.15pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">G3925DAB6
                                         / USG3925DAB67</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">37373WAB6
        / US37373WAB63</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.05in 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">U.S.$517,968,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.05in 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">U.S.$1,033.50</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.05in 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">U.S.$50.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.05in 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">U.S.$1,083.50</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.05in 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 0.05in 2.15pt; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4.875%</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Bonds
                                         due 2027</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.05in 2.15pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">G3925DAD2
                                         / USG3925DAD24</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">37373WAD2
        / US37373WAD20</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.05in 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">U.S.$650,000,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.05in 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">U.S.$1,087.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.05in 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">U.S.$50.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.05in 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">U.S.$1,137.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0.05in 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.55pt"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-left: 41pt; margin-top: 0; margin-bottom: 3pt; width: 10%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.55pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt; text-align: justify">(1) Per U.S. $1,000 principal
amount of Bonds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 62.75pt 0pt 41pt">(2) Excludes accrued interest, which will be
paid in addition to the Tender Offer Consideration or the Total Consideration, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Tender Offer will expire at 11:59
p.m. New York City time, on December 14, 2020, unless extended or earlier terminated (such date and time, including as
extended or earlier terminated, the &#8220;<U>Expiration Date</U>&#8221;). The early tender deadline for the Tender Offer
will be 5:00 p.m., New York City time, on November 30, 2020 (such date and time, including as extended or earlier terminated,
the &#8220;<U>Early Tender Date</U>&#8221;). Registered holders (each, a &#8220;<U>Holder</U>&#8221; and, collectively, the
 &#8220;<U>Holders</U>&#8221;) of the Bonds must validly tender their Bonds at or before the Early Tender Date in order to be
eligible to receive the Early Tender Payment (as defined below) in addition to the Tender Offer Consideration (as defined
below). Bonds tendered may be withdrawn prior to 5:00 p.m., New York City time, on November 30, 2020 (such date and time, the
 &#8220;<U>Withdrawal Deadline</U>&#8221;), but not thereafter, except as required by applicable law. The Issuers may, in
their sole discretion and subject to applicable law, increase or decrease the Aggregate Maximum Tender Consideration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Bonds will be purchased in accordance
with the &#8220;Acceptance Priority Level&#8221; (in numerical priority order) as set forth in the table above (the &#8220;<U>Acceptance
Priority Level</U>&#8221;), with Acceptance Priority Level 1 being the highest priority, and possible proration of the Bonds on
the Early Settlement Date (as defined below), if elected, or the Final Settlement Date (as defined below) will be determined in
accordance with the terms of the Tender Offer. Accordingly, 2021 Bonds validly tendered will be accepted before any 2023 Bonds,
2024 Bonds or 2027 Bonds validly tendered are accepted, 2024 Bonds validly tendered will be accepted before any 2023 Bonds or 2027
Bonds validly tendered are accepted and 2023 Bonds validly tendered will be accepted before any 2027 Bonds validly tendered are
accepted. However, Bonds validly tendered on or prior to the Early Tender Date will be accepted for purchase in priority to other
Bonds tendered after the Early Tender Date, even if such Bonds tendered after the Early Tender Date have a higher Acceptance Priority
Level than Bonds tendered on or prior to the Early Tender Date. If the aggregate total consideration payable (including the Early
Tender Payment, if applicable) for the Bonds validly tendered exceeds the Aggregate Maximum Tender Consideration, only an amount
of Bonds resulting in a total tender consideration less than or equal to the Aggregate Maximum Tender Consideration validly tendered
will be accepted for purchase. Accordingly, if the aggregate total consideration payable for the Bonds validly tendered and not
validly withdrawn on or prior to the Early Tender Date exceeds the Aggregate Maximum Tender Consideration, Holders who validly
tender Bonds after the Early Tender Date will not have any such Bonds accepted for payment regardless of the Acceptance Priority
Level of such Bonds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If, on the Early Settlement Date or Final
Settlement Date, as applicable, only a portion of a series of Bonds may be accepted for purchase, the aggregate principal amount
of such series of Bonds accepted for purchase will be prorated based upon the aggregate principal amount of that series of Bonds
that have been validly tendered and not yet accepted for purchase in the Tender Offer, such that the Aggregate Maximum Tender Consideration
will not be exceeded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The total consideration for the Bonds of
each series (the &#8220;<U>Total Consideration</U>&#8221;) is: (i) U.S.$1,008.62 for each U.S. $1,000 principal amount of the 2021
Bonds, (ii) U.S.$1,083.50 for each U.S. $1,000 principal amount of the 2023 Bonds, (iii) U.S.$1,131.50 for each U.S. $1,000 principal
amount of the 2024 Bonds and (iv) U.S. $1,137.00 for each U.S. $1,000 of the 2027 Bonds, which includes, in each case, an early
tender payment (the &#8220;<U>Early Tender Payment</U>&#8221;) of U.S.$50.00 per U.S. $1,000 principal amount of the Bonds, and
in addition, in each case, the applicable Tender Offer Consideration (as defined below). Subject to purchase in accordance with
the Acceptance Priority Level, the Aggregate Maximum Consideration and possible proration, Holders validly tendering and not withdrawing
Bonds at or before the Early Tender Date will be eligible to receive the Total Consideration (including the Early Tender Payment)
on the Final Settlement Date (as defined below) or, if the Issuers so elect, a date following the Early Tender Date (the &#8220;<U>Early
Settlement Date</U>&#8221;) as described in the Offer to Purchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to purchase in accordance
with the Acceptance Priority Level, the Aggregate Maximum Consideration and possible proration, Holders validly tendering
their Bonds after the Early Tender Date and prior to or at the Expiration Date will be eligible to receive (the
 &#8220;<U>Tender Offer Consideration</U>&#8221;): (i) U.S.$958.62 per U.S. $1,000 principal amount of the 2021 Bonds, (ii)
U.S.$1,033.50 per U.S. $1,000 principal amount of the 2023 Bonds, (iii) U.S.$1,081.50 per U.S. $1,000 principal of the 2024
Bonds, and (iv) U.S.$1,087.00 per U.S. $1,000 principal of the 2027 Bonds, namely an amount, in each case, equal to the
applicable Total Consideration less the Early Tender Payment, on a date promptly following the Expiration Date (the
 &#8220;<U>Final Settlement Date</U>&#8221;) (which date is expected to be on or about December 17, 2020, the third business
day after the Expiration Date, but which may change without notice).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, Holders whose Bonds are purchased
in the Tender Offer will receive accrued and unpaid interest in respect of their purchased Bonds from the last interest payment
date to, but not including, (i) in the case of any Bonds tendered at or before the Early Tender Date, the Final Settlement date
or the Early Settlement Date (should the Issuers elect to make a payment on the Early Settlement Date) and (ii) in the case of
any remaining Bonds tendered after the Early Tender Date, the Final Settlement Date, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The obligation of the Issuers to accept
for purchase, and to pay for, Bonds validly tendered pursuant to the Tender Offer is subject to, and conditioned upon, the satisfaction
or waiver of certain conditions as set forth in the Offer to Purchase, in the sole discretion of the Issuers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Information and Tender Agent for the
Tender Offer is D.F. King &amp; Co. To contact the Information and Tender Agent, banks and brokers may call +1 (212) 269-5550,
all others may call +1 (866) 207-3636 or email gerdau@dfking.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Dealer Managers for the Tender Offer
are BofA Securities, Inc. and Goldman Sachs &amp; Co. LLC. Any questions or requests for assistance may be directed to BofA Securities,
Inc. at Collect: +1 (646) 855-8988 or U.S. Toll-Free: +1 (888) 292-0070 or Goldman Sachs &amp; Co. LLC at U.S.: +1 (212) 357-1452
or by email at GS-LM-NYC@gs.com. In addition, Holders may contact their broker, dealer, commercial bank, trust company or other
nominee for assistance concerning the Tender Offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Documents in connection with the Exchange
Offer and the Tender Offer are available at the offices of the Information Agent, D.F. King &amp; Co., Inc., 48 Wall Street, 22nd
Floor, New York, New York 10005, Attn: Andrew Beck.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This notice does not constitute or form
part of any offer or invitation to purchase, or any solicitation of any offer to sell, the Bonds or any other securities in the
United States or any other country, nor shall it or any part of it, or the fact of its release, form the basis of, or be relied
on or in connection with, any contract therefor. The Tender Offer is made only by and pursuant to the terms of the Offer to Purchase
and the information in this notice is qualified by reference to the Offer to Purchase. None of the Issuers, the Dealer Managers
or the Information and Tender Agent make any recommendations as to whether Holders should tender their Bonds pursuant to the Tender
Offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">* * *</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This notice to the market does not represent
an offer to sell securities or a solicitation to buy securities in the United States or in any other country.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This notice to the market is released for
disclosure purposes only, in accordance with applicable legislation. It does not constitute marketing material, and should not
be interpreted as advertising an offer to sell or soliciting any offer to buy securities issued by any of the Issuers. This notice
to the market is not for distribution in or into or to any person located or resident in the United States, its territories and
possessions, any state of the United States or the District of Columbia or in any jurisdiction where it is unlawful to release,
publish or distribute this announcement, other than any exemption thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Forward-Looking Statements</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This notice includes and references &#8220;forward-looking
statements&#8221; within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may relate to, among
other things, the Issuers&#8217; business strategy, goals and expectations concerning its market position, future operations, margins
and profitability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although the Issuers believe the assumptions
upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and
the forward-looking statements based on these assumptions could be incorrect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The matters discussed in these forward-looking
statements are subject to risks, uncertainties and other factors that could cause actual results and trends to differ materially
from those made, projected, or implied in or by the forward-looking statements depending on a variety of uncertainties or other
factors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Issuers undertake no obligation to
update any of their forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
