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CONSOLIDATED FINANCIAL STATEMENTS (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of significant consolidated subsidiaries


		Equity Interests
Consolidated company	Country	Total capital ^(*)
		2021	2020	2019
Gerdau GTL Spain S.L.	Spain	100.00	100.00	100.00
Gerdau Internacional Empreendimentos Ltda. - Grupo Gerdau	Brazil	100.00	100.00	100.00
Gerdau Ameristeel Corporation and subsidiaries ⁽¹⁾	USA/Canada	100.00	100.00	100.00
Gerdau Açominas S.A.	Brazil	99.86	99.86	99.83
Gerdau Aços Longos S.A. and subsidiaries ⁽²⁾	Brazil	99.83	99.82	99.82
Gerdau Steel Inc.	Canada	100.00	100.00	100.00
Gerdau Holdings Inc. and subsidiary ⁽³⁾	USA	100.00	100.00	100.00
Paraopeba - Fixed-income investment fund ^(4) (**)	Brazil	70.62	89.26	96.96
Gerdau Hungria Holdings Limited Liability Company	Hungary	100.00	100.00	100.00
GTL Equity Investments Corp.	British Virgin Islands	100.00	100.00	100.00
Empresa Siderúrgica del Perú S.A.A. - Siderperú	Peru	90.03	90.03	90.03
Gerdau GTL México, S.A. de C.V. and subsidiary ⁽⁵⁾	Mexico	100.00	100.00	100.00
Seiva S.A. - Florestas e Indústrias	Brazil	97.73	97.73	97.73
Gerdau Laisa S.A.	Uruguai	100.00	100.00	100.00
Sipar Gerdau Inversiones S.A.	Argentina	99.99	99.99	99.99
Sipar Aceros S.A. and subsidiary ⁽⁶⁾	Argentina	99.98	99.98	99.98
Sizuca - Siderúrgica Zuliana, C. A.	Venezuela	100.00	100.00	100.00
GTL Trade Finance Inc.	British Virgin Islands	100.00	100.00	100.00
Gerdau Trade Inc.	British Virgin Islands	100.00	100.00	100.00
Gerdau Next S.A. and subsidiaries⁽⁷⁾	Brazil	100.00	—	—

(*) The voting capital is substantially equal to the total capital. The interests reported represent the ownership percentage held directly and indirectly in the subsidiary.

(**)	The percentage of participation including interest of the parent company Metalúrgica Gerdau S.A. in the investment fund is 73.54% in 2021, 92.58% in 2020 and 98.07% in 2019.

(1)	Subsidiaries: Gerdau Ameristeel US Inc., Chaparral Steel Company.

(2)	Subsidiaries: Gerdau Açominas Overseas Ltd. and Siderúrgica Latino-Americana S.A.

(3)	Subsidiary: Gerdau MacSteel Inc.

(4)	Fixed-income investment fund managed by Bank JP Morgan S.A.

(5)	Subsidiary: GTL Servicios Administrativos México, S.A. de C.V.

(6)	Subsidiary: Siderco S.A.

(7)	Subsidiaries: G2L Logística Ltda, G2base Fundações e Contenções Ltda and Gerdau Grafeno Ltda.

Schedule of interests in joint ventures


		Equity Interests
		Total capital^(*)
Joint ventures	Country	2021	2020	2019
Bradley Steel Processors	Canada	50.00	50.00	50.00
MRM Guide Rail	Canada	50.00	50.00	50.00
Gerdau Corsa S.A.P.I. de CV	Mexico	75.00	70.00	70.00
Gerdau Metaldom Corp.	Dominican Rep.	50.00	50.00	50.00
Gerdau Summit Aços Fundidos e Forjados S.A.	Brazil	58.73	58.73	58.73
Diaco S.A.	Colombia	49.87	49.87	49.87
Juntos Somos Mais Fidelização S.A.	Brazil	27.50	27.50	27.50

(*) The voting capital is substantially equal to the total capital. The interests reported represent the ownership percentage held directly and indirectly held in the joint venture.

Schedule of summarized financial information of the joint ventures


	Joint ventures
	2021	2020	2019
Net income (loss)	959,116	249,158	(21,548)
Total comprehensive income (loss)	959,116	249,158	(21,548)

Schedule of interests in associate companies


		Equity interests
		Total capital ^(*)
Associate company	Country	2021	2020	2019
Dona Francisca Energética S.A.	Brazil	51.82	51.82	51.82

(*) The voting capital is substantially equal to the total capital. The interests reported represent the ownership percentage held directly and indirectly.

Schedule of summarized financial information of the associate companies


	Associate company
	2021	2020	2019
Net income	37,231	42,008	31,249
Total comprehensive income	37,231	42,008	31,249

Schedule of fair value assessment of assets and liabilities and total purchase price paid for business combination

The Company concluded the fair value assessment of the assets and liabilities of Silat and the following table summarizes the fair value of such assets and liabilities at the date of business combination:


	Book Value	Acquisition Adjustments	Fair value upon acquisition

Cash and cash equivalents	33,419	—	33,419
Trade accounts receivable - net	13,190	—	13,190
Inventories	24,160	—	24,160
Other current assets	11,091	—	11,091
Property, plant and equipment	233,541	253,216	486,757
Other non-current assets	34,410	—	34,410
Current liabilities	(26,638)	—	(26,638)
Non-current liabilities	(359)	(86,093)	(86,452)
Non-controlling interest	(5,395)	(6,100)	(11,495)
Assets (Liabilities)	317,419	161,023	478,442
Negative Goodwill	—	(2,481)	(2,481)
Net assets	317,419	158,542	475,961

3.6 - Total purchase price considered for the 2020 acquisition


Subsidiary acquired		2020
Siderúrgica Latino-Americana S.A.		475,961
Total consideration paid		475,961
Less: Cash and cash equivalents of acquired subsidiary		(33,419)
		442,542