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CONSOLIDATED FINANCIAL STATEMENTS (Tables) | 12 Months Ended
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Dec. 31, 2023
CONSOLIDATED FINANCIAL STATEMENTS |
Schedule of significant consolidated subsidiaries | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Equity Interests
Consolidated company |  | Country | ​ | Total capital (*)
​ | ​ | ​ |  | 2023 |  | 2022 |  | 2021
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 |  | 99.86
Gerdau Aços Longos S.A. and subsidiaries (2) |  | Brazil |  | 99.83 |  | 99.83 |  | 99.83
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 |  | 75.36 |  | 47.34 |  | 70.62
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. |  | 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 (5) |  | Argentina |  | 99.98 |  | 99.98 |  | 99.98
Sizuca - Siderúrgica Zuliana, C. A. |  | Venezuela |  | — |  | — |  | 100.00
Gerdau Trade Inc. |  | British Virgin Islands |  | 100.00 |  | 100.00 |  | 100.00
Gerdau Next S.A. and subsidiaries (6) | ​ | Brazil | ​ | 100.00 | ​ | 100.00 | ​ | 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 77.92% in 2023, 62.14% in 2022 and 73.54% in 2021. (1) Subsidiaries: Gerdau Ameristeel US Inc., GUSAP III LLP and Chaparral Steel Company. (2) Subsidiaries: Gerdau Açominas Overseas Ltd. (3) Subsidiary: Gerdau MacSteel Inc. (4) Fixed-income investment fund managed by Santander Bank. (5) Subsidiary: Siderco S.A. (6) Subsidiaries: G2L Logística S.A., G2base Fundações e Contenções Ltda, G2 Adições Minerais e Químicas Ltda., Gerdau Ventures Participações Ltda, Circulabi S.A. and Cluster Industrial S.A.
Schedule of interests in joint ventures | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Equity Interests
Joint ventures |  | Country | ​ | Total capital (*)
​ | ​ | ​ |  | 2023 |  | 2022 |  | 2021
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 |  | 75.00 |  | 75.00
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 | ​ | 49.85 | ​ | 49.87 | ​ | 49.87
Juntos Somos Mais Fidelização S.A. | ​ | Brazil | ​ | 27.16 | ​ | 27.50 | ​ | 27.50
Addiante S.A. | ​ | Brazil | ​ | 50.00 | ​ | 50.00 | ​ | —
Ubiratã Tecnologia S.A. | ​ | Brazil | ​ | 50.00 | ​ | 50.00 | ​ | —
Brasil ao Cubo S.A. (Note 3.4) | ​ | Brazil | ​ | 44.66 | ​ | — | ​ | —
(*) 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 | The Company presents the joint venture information in aggregate, since the investments in these entities are not individually material. The summarized financial information of these joint ventures, accounted for under the equity method, is presented below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Joint ventures
Joint ventures |  | 2023 |  | 2022 |  | 2021
Cash and cash equivalents |  | 1,560,816 |  | 948,019 | ​ | 1,146,411
Total current assets | ​ | 6,212,742 | ​ | 5,358,394 | ​ | 6,175,859
Total non-current assets | ​ | 6,362,085 | ​ | 4,817,960 | ​ | 5,223,576
Short-term debt | ​ | 389,433 | ​ | 454,518 | ​ | 890,039
Total current liabilities | ​ | 3,821,055 | ​ | 3,574,475 | ​ | 4,360,043
Long-term debt | ​ | 633,163 | ​ | 921,164 | ​ | 2,054,530
Total non-current liabilities | ​ | 1,210,572 | ​ | 1,232,537 | ​ | 2,374,207
Net sales | ​ | 13,605,661 | ​ | 14,978,713 | ​ | 12,263,023
Cost of sales | ​ | (8,907,668) | ​ | (12,072,326) | ​ | (10,075,640)
Income before financial income (expences) and taxes | ​ | 1,998,139 | ​ | 2,424,468 | ​ | 1,396,769
Financial income | ​ | 211,149 | ​ | 339,310 | ​ | 349,333
Financial expenses | ​ | (319,079) | ​ | (501,573) | ​ | (740,096)
Income and social contribution taxes | ​ | (249,629) | ​ | (518,113) | ​ | (104,359)
Net income | ​ | 1,372,870 | ​ | 1,713,009 | ​ | 968,064
Depreciation and amortization | ​ | (329,855) | ​ | (299,830) | ​ | (742,566)
Total comprehensive income for the year, net of tax |  | 1,380,500 |  | 1,710,953 | ​ | 968,239
​
Schedule of interests in associate companies | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Equity interests
Associate company |  | Country | ​ | Total capital (*)
​ | ​ | ​ |  | 2023 |  | 2022 |  | 2021
Dona Francisca Energética S.A. |  | Brazil |  | 51.82 |  | 51.82 |  | 51.82
Newave Energia S.A (Note 3.4) | ​ | Brazil | ​ | 33.33 | ​ | — | ​ | —
(*) 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 | The Company presents the associate companies information in aggregate, since the investments in these entities are not individually material. The summarized financial information of the associate company, accounted for under the equity method, is presented below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Associate company
Associate company |  | 2023 |  | 2022 |  | 2021
Cash and cash equivalents |  | 138,389 |  | 12 | ​ | 16
Total current assets | ​ | 165,048 | ​ | 10,148 | ​ | 13,570
Total non-current assets | ​ | 424,053 | ​ | 165,267 | ​ | 166,855
Total current liabilities | ​ | (122,308) | ​ | 22,374 | ​ | 19,938
Total non-current liabilities | ​ | (7,965) | ​ | 31,266 | ​ | 42,987
Net sales | ​ | 80,312 | ​ | 66,163 | ​ | 66,796
Cost of sales | ​ | (41,022) | ​ | (32,368) | ​ | (24,676)
Income before financial income (expences) and taxes | ​ | (15,033) | ​ | 32,703 | ​ | 40,193
Financial income | ​ | 33,528 | ​ | 1,187 | ​ | 489
Financial expenses | ​ | (4,793) | ​ | (6,359) | ​ | (1,153)
Income and social contribution taxes | ​ | (2,557) | ​ | (3,009) | ​ | (2,298)
Net income | ​ | 9,134 | ​ | 24,522 | ​ | 37,231
Depreciation and amortization | ​ | (10,329) | ​ | (11,646) | ​ | (5,464)
Total comprehensive income for the year, net of tax |  | 9,134 |  | 24,522 | ​ | 37,231
​

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