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– 1 – This presentation contains forward-looking statements with respect to Gerdau AmeriSteel Corporation, including its business operations, strategy, financial performance, and condition. Although management believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from expectations include, among other things, risk relating to completing the transaction, and general economic and market factors, including demand for steel products, availability and costs of electricity, natural gas, and raw materials, government regulations and trade policies affecting steel imports or exports in Canada and the United States, and other factors discussed in materials filed with applicable securities regulatory authorities from time to time. Forward-Looking Statements
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Page 1: Forward-Looking Statements

– 1 –

This presentation contains forward-looking statements with respect to Gerdau AmeriSteel Corporation, including its business operations, strategy, financial performance, and condition. Although management believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from expectations include, among other things, risk relating to completing the transaction, and general economic and market factors, including demand for steel products, availability and costs of electricity, natural gas, and raw materials, government regulations and trade policies affecting steel imports or exports in Canada and the United States, and other factors discussed in materials filed with applicable securities regulatory authorities from time to time.

This presentation contains forward-looking statements with respect to Gerdau AmeriSteel Corporation, including its business operations, strategy, financial performance, and condition. Although management believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from expectations include, among other things, risk relating to completing the transaction, and general economic and market factors, including demand for steel products, availability and costs of electricity, natural gas, and raw materials, government regulations and trade policies affecting steel imports or exports in Canada and the United States, and other factors discussed in materials filed with applicable securities regulatory authorities from time to time.

Forward-Looking Statements

Page 2: Forward-Looking Statements

Transaction Summary

Page 3: Forward-Looking Statements

– 3 –

Transaction Summary

Note: All figures throughout this presentation are in C$ unless otherwise stated.1 Arrangements have been made to squeeze out the minority shareholders of AmeriSteel post-closing (included in 74% ownership).

Page 4: Forward-Looking Statements

– 4 –

Investment Highlights

Economies of Scale: Gerdau AmeriSteel will have significant scale of operations, making it the secondlargest North American minimill steel producer and a world class competitor

Product Diversification: With 11 mill locations, Gerdau AmeriSteel will be geographically positioned tostrategically service long product customers throughout North America with a fullycompetitive range of steel products

Downstream Integration: Gerdau AmeriSteel's minimills will be integrated with 29 downstream steelfabricating and specialty product businesses, increasing profit margins and reducingthe volatility of earnings

Cost Savings: The transaction will create near-term annual cost savings of $35 million resultingfrom freight rationalization, the elimination of overhead redundancies, productrationalization, scheduling efficiencies and scrap rationalization

Accretive Transaction: The transaction will be accretive to Co-Steel's earnings and cash flow on a pro formabasis in 2002 and going forward

Financial Strength: The transaction will immediately reduce current net debt/EBITDA from 8.1x on anLTM basis to 3.8x on a pro forma basis

Earnings Stability: Larger scale and higher margin products will provide greater earnings stability

Strong Sponsorship: Gerdau AmeriSteel will have open access to the knowledge base and sponsorship ofits parent company, Gerdau SA

Page 5: Forward-Looking Statements

– 5 –

Investment Highlights – Financial Impact

Gerdau AmeriSteel will be one of the premier North American steel companies, commanding an improved valuation outlook

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Significantly decreases Co-Steel's leverage position Net Debt1 $462 $990

Significantly decreases Co-Steel’s leverage position Net Debt / EBITDA 8.1x2 3.8x3

Significantly increases Co-Steel’s profit margins EBITDA Margin 5.2%2 10.4%4

Significantly decreases Co-Steel’s earnings volatility Change in EBITDA5 57% 26%

Allows for the realization of significant synergies EBITDA Impact $0 $357

Significantly increases Co-Steel’s 2002E EPS 2002E EPS6 $0.10 $0.23 - $0.30

2002E EPS Accretion – $ $0.13 - $0.20

– % 130% - 200%

Significantly increases Co-Steel's 2003E EPS 2003E EPS6 $0.70 $0.80 - $0.94

2003E EPS Accretion – $ $0.10 - $0.24

– % 14% - 34%

1 As at June 30, 2002 including $125 million of convertible debentures.2 For the 12-month period ending June 30, 2002.3 Based on annualized EBITDA for the 6 months ending June 30, 2002.4 Based on the 6 months ending June 30, 2002.5 Measured as the standard deviation of the change in EBITDA over the period from 1997 to 2001.6 IBES estimate (includes effective tax rate of 15%).7 Synergies excluded from 2002 EPS calculation.

Page 6: Forward-Looking Statements

– 6 –

Gerdau AmeriSteel - Calculation of Implied Equity Values

On a consolidated basis, we believe that Gerdau AmeriSteel should trade in a $5.18 to $6.75 per share range, representing a 27% to 65% premium to Co-Steel’s current share price

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Gerdau AmeriSteel 2003E EBITDA $415 $435 $455

Synergies 35 35 35

Gerdau AmeriSteel 2003E EBITDA $450 $470 $490

TEV/EBITDA 4.48x3 4.65x 4.75x

Implied TEV 2,016 2,185 2,328

Pro Forma Net Debt2 (990) (990) (990)

Implied Equity Value 1,026 1,195 1,338

Pro forma Shares Outstanding 198.1 198.1 198.1

Implied Share Price $5.18 $6.03 $6.75

Current Share Price (@ 12/08/02) $4.08

Implied Premium to Current Share Price 27% 48% 65%

Total Capacity 6.8 6.8 6.8

EV/ton $296 $321 $342

EV/ton (US$)4 $191 $207 $221

1 Based on a range of management estimates, see slide 21.2 Based on pro forma financial statements as at June 30, 2002.3 Co-Steel’s current multiple based on a $4.08 share price.4 Converted at 0.65.

Page 7: Forward-Looking Statements

Gerdau North America

Page 8: Forward-Looking Statements

– 8 –

Gerdau North America – Overview

Gerdau North America’s operations include AmeriSteel (Tampa, FL), MRM Holdings (Selkirk, MB) and Courtice Steel Inc. (Cambridge, ON)

1 Owned through Gerdau USA.

100%

Gerdau North America

Gerdau North America

MRM HoldingsMRM Holdings

100%87%

Management & Others

Management & Others

13%

AmeriSteel1AmeriSteel1 Courtice Steel Inc.Courtice Steel Inc.

Page 9: Forward-Looking Statements

– 9 –

Gerdau North America – Location of Facilities

Gerdau North America has seven minimill steel production facilities in Canada (2) and in the Southeastern U.S. (5)

In addition, Gerdau North America has 26 downstream and specialty facilities located throughout the Northeastern and Southeastern U.S.

Minimill Facilities

Head Office

Downstream and Specialty FacilitiesJacksonville, FL

Cartersville, GA

Charlotte, NC

Cambridge, ON (Courtice)

Selkirk, MB (MRM)

Knoxville, TN

Jackson, TN

Tampa, FLTampa, FL

Page 10: Forward-Looking Statements

– 10 –

Gerdau North America has an extensive network of modern and efficient minimill melting and rolling operations with capacity to accommodate anticipated increases in demand and no expected major capital expenditure requirements

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(000s of tons) (000s of tons) (000s of tons) (000s of tons)

Charlotte, NC Rebar, merchants 460 358 78% 400 335 84%

Jackson, TN Rebar, merchants, structurals 670 508 76% 600 458 76%

Jacksonville, FL Rebar, wire rod 640 557 87% 615 581 94%

Knoxville, TN Rebar 455 427 94% 500 433 87%

Cartersville, GA2 Merchants, structurals 860 5003 58% 600 2883 48%

Total AmeriSteel 3,085 2,350 83%1 2,715 2,095 85%1

Selkirk, MB (MRM) Special sections 385 354 92% 330 306 93%

Cambridge, ON (Courtice) Rebar, merchants 360 325 90% 325 303 93%

Total Gerdau North America 3,830 3,029 85%1 3,370 2,704 87%1

1 Excludes Cartersville.2 In December 2001, Gerdau North America acquired the Cartersville assets from Birmingham Steel for US$49 million, increasing merchant/structural capacity by 600,000 tons.3 Based on run rate production annualized for the month of June 2002.

Gerdau North America – Capacity

Page 11: Forward-Looking Statements

– 11 –

Gerdau North America – Product Mix

Gerdau North America has a balanced portfolio of products, comprised of approximately 34% merchants, 32% rebar, 24% fabricated and other downstream products, 8% special sections and 2% wire rod products

Product MixProduct Mix11

1 As a percentage of 2001 Trade Shipments.

Fabricated24%

Rebar32%

Merchants34%

Wire Rod2%Special Sections

8%

Page 12: Forward-Looking Statements

– 12 –

Consolidated RevenueConsolidated Revenue

Gerdau North America – Historical Financial Performance

Gerdau North America has experienced relatively stable revenue and EBITDA over the past three years despite margin pressures attributed to cyclical lows in the steel industry

The recent Section 201 decisions in the U.S. and expected CITT rulings in Canada are expected to have a positive impact on Gerdau North America’s future results

Consolidated EBITDAConsolidated EBITDA

1 Unaudited results excluding Cartersville.2 Pro forma for the year ended December 31, 2001.3 Annualized pro forma results for the 6 months ending June 30, 2002. Cartersville included starting in the quarter ending June 30, 2002.

$1,389 $1,381 $1,372

$1,454

$1,000

$1,100

$1,200

$1,300

$1,400

$1,500

1999 2000 2001 2002

($ m

illio

ns)

1 1 32

$240.2

$187.7$160.6

$179.6

17.3%

13.6%

11.7% 12.3%

$0

$100

$200

$300

$400

1999 2000 2001 2002

EB

ITD

A (

$ m

illio

ns)

0%

5%

10%

15%

20%

EB

ITD

A M

arg

in (

%)

1 1 32

Page 13: Forward-Looking Statements

Gerdau AmeriSteel

Page 14: Forward-Looking Statements

– 14 –

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

$500

Nuco

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North American Steel Industry Capacity North American Steel Industry Capacity AnalysisAnalysis11

1 Excludes companies in CCAA, Chapter 11 or Chapter 7 proceedings.2 EBITDA for the LTM period ending June 30, 2002. US$/C$ exchange rate of 1.57:1 has been used.

Gerdau AmeriSteel – Economies of Scale

Gerdau AmeriSteel will have 6.8 million tons of rolling capacity, making it the third largest North American steel producer, and the second largest North American long products producer

More importantly, Gerdau AmeriSteel will become the fourth most profitable North American steel producer on an EBITDA basis, excluding the benefit of any synergies generated through the combination

4th largest

North American EBITDA Analysis (US$)North American EBITDA Analysis (US$)22

3rd largest

0

2

4

6

8

10

12

14

16

18

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Page 15: Forward-Looking Statements

– 15 –

((000000ss ooff ttoonnss)) CCaappaacciittyy 22000011 PPrroodduuccttiioonn

FFaacciilliittyy MMeellttiinngg RRoolllliinngg MMeellttiinngg RRoolllliinngg PPrroodduuccttss

Charlotte, NC 460 400 358 335 Rebar, merchantsJackson, TN 670 600 508 458 Rebar, merchants, structuralsJacksonville, FL 640 615 557 581 Rebar, wire rodKnoxville, TN 455 500 427 433 RebarCartersville, GA 860 600 5002 2882 Merchants, structurals

Total AmeriSteel 3,085 2,715 2,350 2,095

Selkirk, MB (MRM) 385 330 354 306 Special sectionsCourtice, ON (Courtice) 360 325 325 303 Rebar, merchants

Total Gerdau North America 3,830 3,370 3,029 2,704

Co-SteelWhitby, ON (Lasco) 960 1,100 439 471 Rebar, merchants, structuralsPerth Amboy, NJ (Raritan) 900 1,000 588 622 Wire rod productsSayreville, NJ 800 600 601 487 Rebar, merchantsGallatin County, KY1 750 750 698 691 Flat rolled products

Total Co-Steel 3,410 3,450 2,326 2,271

Total Gerdau AmeriSteel 7,240 6,820 5,355 4,975

1 Represents 50% ownership in facility.2 Based on run rate production annualized for the month of June 2002.

Gerdau AmeriSteel – Economies of Scale

Minimill Production and Capacity

The transaction will create the second largest North American minimill steel producer and a world class competitor

Page 16: Forward-Looking Statements

– 16 –

The significantly expanded network of 11 mills will allow Gerdau AmeriSteel to serve the U.S. and Canadian markets in a more effective and efficient manner

Gerdau AmeriSteel – Product Diversification

Gerdau North America Minimill Facilities

Co-Steel Minimill Facilities

EOGerdau AmeriSteel Executive Office

HOGerdau AmeriSteel Head Office

Jacksonville, FL

Cartersville, GA

Charlotte, NC

Cambridge, ON (Courtice)

Selkirk, MB (MRM)

Knoxville, TNJackson, TN

Perth Amboy, NJSayreville, NJ

Whitby, ONHO

Gallatin County, KY

EO

Page 17: Forward-Looking Statements

– 17 –

Co-Steel – 2001 Product Mix Co-Steel – 2001 Product Mix 11 Gerdau AmeriSteel – 2001 Product Mix Gerdau AmeriSteel – 2001 Product Mix 11

Gerdau AmeriSteel – Downstream Integration

Gerdau AmeriSteel’s mimimills will be integrated with 29 downstream steel fabricating and specialty product businesses

Approximately 18% total product shipments will be in downstream and specialty products, increasing profit margins and reducing earnings volatility

1 As a percentage of 2001 Trade Shipments.2 Co-Steel “Other” includes Epoxy Rebar, Rounds & Dowels.

Shipments 2.4 million tons Shipments 4.8 million tons

Rod29%

Flat Rolled28%

Merchant Bar21%

Rebar18%

Other4%

2

Merchants28%

Flat Rolled14%

Fabricated14%

Wire Rod15%

Special Sections4%

Rebar25%

Page 18: Forward-Looking Statements

– 18 –

Management has conservatively estimated approximately $35 million in near-term annual cost savings, without any significant capital expense, to be realized as a result of the combination of Co-Steel and Gerdau North America

Additional synergies such as the adoption of best operating practices and coordination of manufacturing technologies have not been included in the $35 million figure but are expected to yield additional cost savings

SSyynneerrggyy AAnnaallyyssiiss

(C$ millions) Amount

Product and mill scheduling efficiencies $22.8

Freight rationalization 10.5

Enhanced purchasing volume 1.7

$35.0

Gerdau AmeriSteel – Cost Savings

Page 19: Forward-Looking Statements

– 19 –

Pro Forma 2002E Financial Performance

Excluding any near-term cost savings, pro forma 2002E EBITDA is expected to be in a range between $310 million and $330 million

Gerdau AmeriSteel - Accretive Transaction

1 Based on June 30, 2002 pro forma financials.2 Based on management estimates.3 May not add due to rounding.

Page 20: Forward-Looking Statements

– 20 –

Gerdau AmeriSteel - Accretive Transaction

1 Forecast EBITDA growth from 2002 to 2003.2 Excluding synergies.3 Based on analyst estimates.

2003E Growth Expectations

In fiscal 2003, Gerdau AmeriSteel’s growth is expected to be derived from price and volume increases resulting from Section 201 and CITT case rulings as well as improved operating efficiencies

Page 21: Forward-Looking Statements

– 21 –

Gerdau AmeriSteel - Accretive Transaction

Pro Forma 2002E/2003E EPS

Based on management forecasts for the remainder of fiscal 2002, the proposed transaction is expected to be $0.10 to $0.20 accretive on consensus analyst 2002E EPS estimates of $0.10

If the growth rate assumptions for 2003 are applied to 2002E EBITDA, the implied pro forma EPS is in a range between $0.80 to $0.94, or approximately 14% to 34% accretive to consensus 2003E EPS of $0.70

The effective tax rate used for 2003E is 30% versus the IBES estimate of 15%

1 Based on 2002E forecast results and 2003 estimated growth.2 2002E Net Earnings calculated based on annualized 6 month pro forma depreciation and interest expense for the period ended June 30, 2002 and a blended 30% tax rate.

Page 22: Forward-Looking Statements

– 22 –

1 Based on pro forma net debt and annualized EBITDA for the 6 months ending June 30,2002.2 As at June 30, 2002.3 Including $125 million of convertible debentures and net of $1.5 million of cash for Co-Steel and $13.1 million of cash for Gerdau AmeriSteel.4 Excluding $125 million of convertible debentures.5 Based on a pro forma balance sheet as at June 30, 2002.

Gerdau AmeriSteel – Financial Strength

The transaction will immediately reduce net debt/LTM EBITDA (adjusted for non-recurring items) from 8.1x to 3.8x1 on a pro forma basis

43% Decrease

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((PPrroo FFoorrmmaa))

Current Assets $365 $530 $895

Total Assets $1,095 $1,523 $2,408

Current Liabilities $149 $206 $355

Net Debt $462 3 $511 $990 3

Total Liabilities $516 $946 $1,465

Shareholders’ Equity $453 4 $577 $818 4

Total Liabilities & Shareholders’ Equity $1,095 $1,523 $2,408

Net Debt / EBITDA 8.1x n/a 3.8x

Total Shares Outstanding 51.5 n/a 198.1

Page 23: Forward-Looking Statements

– 23 –

Gerdau AmeriSteel – Earnings Stability

On a pro forma basis, Gerdau AmeriSteel’s larger scale and higher margin products will provide greater earnings stability

Over the 5 year period from 1997 to 2001, the standard deviation of the change in EBITDA for Gerdau North America has averaged 15% compared to 57% for Co-Steel

Standard Deviation on EBITDAStandard Deviation on EBITDA11

1 Measured as the standard deviation of the change in EBITDA from 1997 to 2001.

12% 12%

18%22%

26% 28%

34%37%

45%

52%56% 57%

154%

15%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

IPSCO Quanex Gerdau NorthAmerica

CommercialMetals

Nucor GerdauAmeriSteel

Carpenter Roanoke SteelDynamics

Ivaco Oregon SteelMills

Slater Steel Co-Steel NS Group

Page 24: Forward-Looking Statements

– 24 –

Gerdau AmeriSteel – Management

Phil Casey - Chief Executive Officer and President CEO of AmeriSteel since 1994 Chairman of Steel Manufacturers’ Association Over 15 years of experience in the steel industry

André Bier Johannpeter - Chief Operating Officer, Canada Currently Corporate Executive Vice President of Gerdau SA responsible for business

operations in North America Over 23 years of experience working in a wide range of areas for the Gerdau Group,

including sales, human resources, information technology, and strategic planning

Mike Mueller - Vice President, US Operations Appointed VP, Steel Mill Operations at AmeriSteel in 2001 after rejoining the

company from Auburn Steel where he served as CEO since 1998

André Beaudry - Vice President, Marketing Joined AmeriSteel as Vice President, Mill Product Sales in September 2001 President of Gerdau Courtice Steel from 1998 until he joined AmeriSteel, and prior to

that held a number of management positions at Gerdau Courtice Steel and Sidbec-Dosco

Tom Landa - Chief Financial Officer VP and CFO of AmeriSteel since April 1995 20 years of experience in various financial management positions with Exxon

Corporation and its affiliates worldwide

Page 25: Forward-Looking Statements

– 25 –

Gerdau AmeriSteel – Board Composition

The Board of Gerdau AmeriSteel will be comprised of 4 Co-Steel directors and 5 Gerdau directors

NNaammee CCoommppaannyy RReessiiddeennccyy

Jorge Gerdau Johannpeter (Chairman) Gerdau Brazil

Terry Newman (Vice Chairman) Co-Steel Canada

Phillip Casey Gerdau USA

Joseph Heffernan* Co-Steel Canada

Spencer Lanthier* Co-Steel Canada

Michael Sopko* Co-Steel Canada

Frederico Gerdau Johannpeter Gerdau Brazil

Garry Leach Gerdau Canada

André Bier Johannpeter Gerdau Brazil

* Independent directors.

Page 26: Forward-Looking Statements

– 26 –

Gerdau AmeriSteel – Strong Sponsorship

Gerdau S.A. – Overview

101 years of tradition focused on steel production

Installed capacity of 12 million tons of steel under management

22nd largest world steel producer (IISI)

Largest Latin American long steel producer

Distribution network with 70 sales points

5 service centers for flat steel

26 fabrication shops for civil construction

19 steel plants (10 in Brazil, 9 abroad)

Shares listed on Brazilian stock exchanges since 1947 and on NYSE (ADRs) since 1999

Page 27: Forward-Looking Statements

– 27 –

Sipar (1)

Laisa

AmeriSteel

Courtice

MRM

Gerdau S.A.

Açominas

Aza

12 MILLION TONS PER YEAR

BRAZIL* 7.9 million tons of crude steel* 5.2 million tons of rolled products

ABROAD* 4.3 million tons of crude steel* 4.0 million tons of rolled products

Gerdau S.A. – Installed Capacity

Gerdau AmeriSteel – Strong Sponsorship

(1) Rolling mill, 38% owned JV

GERDAU S.A.

AÇOMINAS

Cearense

Açonorte

Usiba

Cosigua

Barão de Cocais

Açominas

Guaíra

PiratiniRiograndense

Divinópolis

Page 28: Forward-Looking Statements

– 28 –

Gerdau AmeriSteel – Strong Sponsorship

Gerdau S.A. – Financial Summary

OutputOutput RevenueRevenue

EBITDAEBITDA Net IncomeNet Income

$461 $497 $466 $483 $513

21.8%

18.1%20.2%

24.8%

20.0%

$0

$250

$500

$750

$1,000

$1,250

1997 1998 1999 2000 2001

(C$

million

s)

0%

10%

20%

30%

EB

ITD

A M

arg

in (

%)

$2,543 $2,779 $2,680

$4,040$3,988

28.1%29.1% 29.7%32.6%

25.8%

$0

$2,000

$4,000

$6,000

$8,000

1997 1998 1999 2000 2001

(C$

million

s)

0%

10%

20%

30%

40%

Gro

ss M

arg

in (

%)

4,065 4,035

5,584

7,780 7,983

3,693 3,746

4,709

6,505 6,679

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

1997 1998 1999 2000 2001

(ton

s)

Melting Rolling

$175

$262$291

$312

$377

$0

$100

$200

$300

$400

$500

1997 1998 1999 2000 2001

(C$ m

illi

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s)

Page 29: Forward-Looking Statements

– 29 –

Gerdau AmeriSteel – Strong Sponsorship

Gerdau S.A. – Leverage Ratios

11999977 11999988 11999999 22000000 22000011

Total Debt / Total Capitalization 35.3% 38.7% 57.3% 56.4% 51.8%

Net Debt / Total Capitalization 23.6% 28.6% 50.9% 50.3% 44.9%

Total Debt / EBITDA 2.4x 2.6x 3.6x 3.1x 3.3x

Net Debt / EBITDA 1.4x 1.6x 2.8x 2.4x 2.5x

EBITDA / Net Financial Expenses1 n/a n/a n/a 3.9x 5.7x

1 Excludes monetary and exchange rate variations.

Page 30: Forward-Looking Statements

– 30 –

Gerdau AmeriSteel - Summary

Financial Rationale

Decreases Co-Steel’s leverage position

Improves profit margin and reduces earnings volatility

Creates significant cost synergies

Highly accretive to Co-Steel shareholders

Strategic Rationale

Creates a leading North American steel company

Complementary facilities create a leading long products player in North America

Improves product mix and reduces earnings volatility

Provides strong sponsorship of Gerdau SA

The transaction creates a better-positioned, financially stronger industry leader in Gerdau AmeriSteel

Page 31: Forward-Looking Statements

– 31 –

Gerdau AmeriSteel – Comparable Company Analysis1

On a pro forma basis, Gerdau AmeriSteel compares favourably with its industry peers

CapacityCapacity RevenuesRevenues

EBITDA MarginsEBITDA Margins Net Debt to EBITDANet Debt to EBITDA

1 Financial results for the last twelve months ending June 30, 2002.2 Pro forma financial results annualized for the six months ending June 30, 2002.3 Assumes US$615 million of incremental debt to finance purchase of Birmingham Steel plus the addition of US$70 million of EBITDA.4 Assumes US$175 million proceeds from June 17, 2002 equity offering filing are used to repay debt.

Flat rolled

15.6%

11.1%10.4%

7.8%

5.9%

0%

3%

6%

9%

12%

15%

18%

Steel Dynamics Nucor Gerdau AmeriSteel IPSCO Commercial Metals2

1.1x 1.2x

3.1x

3.8x

5.3x

0x

2x

4x

6x

Commercial Metals Nucor Steel Dynamics Gerdau AmeriSteel IPSCO3 4 2

$4.1

$2.6$2.4

$1.0$0.7

$0

$1

$2

$3

$4

$5

Nucor Gerdau AmeriSteel Commercial Metals IPSCO Steel Dynamics

($ b

illion

s)

2

7.9

6.1

10.0 3.52.3 2.2

0.7

0

5

10

15

20

25

Nucor Gerdau AmeriSteel IPSCO Commercial Metals Steel Dynamics

(mil

lio

ns o

f to

ns)

6.8

17.9

Page 32: Forward-Looking Statements

Enhancing Shareholder Value

— CONFIDENTIAL —

August 13, 2002


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