Gerdau S.A. announced the results of the early tender period under the previously announced offer by the Company to purchase for cash (the ?Tender Offer?) up to a maximum tender consideration of $500,000,000 (including the Early Tender Payment, if applicable) of certain of the outstanding 4.750% Bonds due 2023 (the ?2023 Bonds?) issued by issued by Gerdau Trade Inc. (?GTI?), 5.893% Bonds due 2024 (the ?2024 Bonds?) issued jointly by Gerdau Holdings Inc. (?GHI?) and GTL Trade Finance Inc., (?GTL?) and the 4.875% Bonds due 2027 (the ?2027 Bonds?, and together with the 2023 Bonds and the 2024 Bonds, the ?Bonds? and each, a ?series? of Bonds) issued by GTI (GTI, GHI and GTL, collectively, the ?Offerors?). The Tender Offer is being made pursuant to the offer to purchase dated November 4, 2021 (the ?Offer to Purchase?). shall have the meanings assigned to them in the Offer to Purchase. The principal amount of each series of Bonds that were validly tendered and not validly withdrawn in the Tender Offer as of the Early Tender Date, the principal amount of each series of Bonds that have been accepted for purchase by the Company and the Total Consideration that shall be paid to the eligible holders of Bonds that were validly tendered prior to the Early Tender Date, and whose Bonds were accepted for purchase, are set forth in the table below. The Tender Offer is subject to, and conditioned upon, the satisfaction or waiver of certain conditions as set forth in the Offer to Purchase. Gerdau will deliver cash with respect to such validly tendered and accepted Bonds on November 22, 2021. the Early Settlement Date, eligible holders of Bonds that were validly tendered prior to the Early Tender Date, and whose Bonds were accepted for purchase, will be entitled to receive the total consideration for the Bonds of each series (the ?Total Consideration?) as determined in the manner described in the Offer to Purchase by reference to the applicable fixed spread specified for such series on the table above over the yield based on the bid-side price of the applicable U.S. Treasury Security specified for such series on the table above, as calculated by the Dealer Managers (as defined in the Offer to Purchase) at 10:00 a.m., New York City time, on November 18, 2021 (subject to certain exceptions set forth in the Offer to Purchase) for each U.S.$1,000 principal amount of the Bonds which includes, in each case, an early tender payment (the ?Early Tender Payment?) of U.S.$30.00 per U.S. $1,000 principal amount of the Bonds. In addition, such eligible holders will be entitled to receive a cash payment equal to the accrued and unpaid interest on such Bonds up to, but not including, the Early Settlement Date.