Gerdau: S&P affirms BBB, lifts outlook to positive

S&P cited expected profile strengthening, North American operations, strategic investments in Brazil and prospective cash-flow generation in its outlook revision.

Rhea-AI Filing Summary

Gerdau S.A. said S&P Global Ratings affirmed its credit ratings and revised its outlook from stable to positive. S&P cited its expectation of a stronger operating and financial profile over the next years, supported by North American operations, competitiveness and efficiency gains from strategic investments in Brazil, prospective cash-flow generation, and conservative capital allocation and financial policies with low leverage.

The updated table lists S&P at brAAA on the national scale and BBB on the global scale, with a positive outlook (October 2026); Fitch at brAAA and BBB, with a positive outlook (July 2026); and Moody’s at Baa2 on the global scale, with a stable outlook (March 2026).

1 point · 0 major

PositiveiHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

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0 major · 0 points

How the balance works

Positive

• Moderate pointS&P’s outlook was revised to positive from stable in October 2026.

Negative

• None.

Key Figures

S&P national-scale rating: brAAA S&P global-scale rating: BBB S&P outlook: Positive +2 more

5 metrics

S&P national-scale rating brAAA October 2026

S&P global-scale rating BBB October 2026

S&P outlook Positive Revised from stable in October 2026

Fitch ratings brAAA (national scale); BBB (global scale) July 2026; positive outlook

Moody’s global-scale rating Baa2 March 2026; stable outlook

Key Terms

National Scale, Global Scale, outlook

3 terms

National Scale financial

"National Scale: brAAA"

Global Scale financial

"Global Scale: BBB"

outlook financial

"revised its outlook from stable to positive"

"Outlook" is the general expectation or forecast about how something, such as the economy, a market, or an investment, is likely to perform in the future. It helps investors understand potential risks and opportunities, much like a weather forecast helps people prepare for upcoming conditions. A clear outlook guides decision-making and planning by providing an informed view of what might happen next.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What credit ratings does GGB have across S&P, Fitch and Moody’s?

S&P listed brAAA on the national scale and BBB on the global scale, with a positive outlook (October 2026). Fitch listed brAAA and BBB, also with a positive outlook (July 2026). Moody’s listed Baa2 on the global scale with a stable outlook (March 2026).

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 6-K: How Foreign Companies Report to the SEC →

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Available on EDGAR 10/26/2026 - 06:01 AM EDT Accepted by SEC EDGAR 10/23/2026 - 08:19 PM EDT Learn about SEC filing dates

U.S. SECURITIES AND EXCHANGE COMMISSION 

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER 

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE 

SECURITIES EXCHANGE ACT OF 1934

Dated October 23, 2026

Commission File Number 1-14878

GERDAU S.A.

(Translation of Registrant’s Name into English)

Av. Dra. Ruth Cardoso, 8,501 – 8° andar 

São Paulo, São Paulo - Brazil CEP 05425-070 

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  x           Form 40-F  ¨

Exhibit Index

Exhibit		Description of Exhibit
99.1		Notice to the Market – Credit Rating Review

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: October 23, 2026

	GERDAU S.A.
	By:	/s/ Rafael Dorneles Japur
	Name:	Rafael Dorneles Japur
	Title:	Vice-President and Investor Relations Officer

Exhibit 99.1

GERDAU S.A.
Corporate Tax ID (CNPJ/MF): 33.611.500/0001-19
Registry (NIRE): 35300520696

NOTICE TO THE MARKET

GERDAU S.A. (B3: GGBR / NYSE: GGB) ("Company") hereby informs its shareholders and the market in general that, in a report released today, the international credit rating agency S&P Global Ratings has affirmed the Company’s credit ratings and revised its outlook from stable to positive.

According to the rating agency, the outlook revision to positive reflects the expectation of a strengthening in the Company's operating and financial profile over the next years, supported by the resilient performance of its North American operations, competitiveness and efficiency gains resulting from strategic investments in Brazil, the prospect of improved cash flow generation, and the maintenance of a conservative capital allocation and financial policies, with low leverage levels.

Below is the Company’s updated credit ratings table:

Agency		National Scale		Global Scale		Outlook		Last Update
Standard & Poors		brAAA		BBB		Positive		October, 2026
Fitch Ratings		brAAA		BBB		Positive		July, 2026
Moody’s		-		Baa2		Stable		March, 2026

São Paulo, October 22, 2026.

Rafael Dorneles Japur

Vice-President and
Investor Relations Officer

Filing Exhibits & Attachments

1 document

Press Releases

• EX-99.1 EXHIBIT 99.1 8.9 KB