CONSOLIDATED FIGURES

Metalúrgica Gerdau S.A. - Consolidated¹  OUTPUT (thousand metric tons) 2003 2002 2001  Crude steel 12,343 9,441 7,251  Rolled products 9,045 6,933 5,919  FINANCIAL DATA (million R$) 2003 2002 2001  Gross revenue 15,783 11,144 7,084  Net income 1,257 821 551  EBITDA² 2,643 2,103 1,282  Export revenue³ 2,275 1,236 464  Investments in fixed assets and stakeholdings 990 1,639 837  Total fixed assets 7,381 7,581 5,752  Total assets 14,379 14,562 9,781  Net equity 4,837 4,406 3,880  Generated taxes and contributions 1,394 1,316 924  Payroll social security contributions 230 158 168  Employee profit sharing 249 174 122  Number of shareholders4 81,516 90,974 96,212

1. The numbers have suffered changes along the years due to the consolidation of operations.
2. Earnings before interest, tax, depreciation and amortization.
3. Exports from Brazil.
4. The reduction in the number of shareholders in 2002 was due primarily to the sale of shares by small investors to take advantage of the increased share value. In 2003, the reduction reflects the reverse split of shares that occurred in April.

YEAR R$ = US$ 2003 2.8892 1.00 2002 3.5333 1.00 2001 2.3204 1.00

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