Financial Performance - Gerdau's adjusted EBITDA reached R$26 billion, with North America's improved results offsetting performance in Brazil and South America[16] - Net income was R$864 million, with earnings per share at R$043, a 14% increase compared to 1Q25[16][17] - Gerdau S A issued US$650 million in bonds and R$14 billion in debentures to bolster cash and lengthen the company's debt profile[17] - Gerdau S A executed 68% of its share buyback program, investing approximately R$686 million, representing 22% of outstanding shares[17] Regional Performance - North America achieved its highest all-time share in consolidated EBITDA at 61%, compared to 48% in 1Q25[10] - North America's net sales increased by 42% to R$9139 million, with EBITDA increasing by 365% to R$1635 million[36] - Brazil's shipment volume decreased by 52% from 1Q25[33] - South America's shipments increased by 218% to 288000 tonnes[45] Market Dynamics - The import penetration rate in Brazil reached a critical 26%, a 39 percentage point increase compared to 2Q24[12][33] - Steel imports continue at a record pace despite trade defense measures in place[14] Strategic Investments - Approximately 50% of the total estimated CAPEX for the year, amounting to R$16 billion, has already been invested[16] - The Sustainable Miguel Burnier Mining project is 72% complete and is under pre-operational planning for start-up in 4Q25[16]