S&P: Gerdau unchanged

Standard & Poor's said its ratings on Gerdau SA (BB+/stable) are not immediately affected by the acquisition of Sheffield Steel by its subsidiary Gerdau Ameristeel Corp. (BB-/positive) in the United States.

As of Dec. 31, Gerdau reported EBITDA of $2.0 billion, funds from operations of $1.6 billion, total debt of $3.2 billion and cash reserves of $2.3 billion, the agency said.

S&P noted that Gerdau's performance softened in second-half 2005 due to more difficult market conditions in its most profitable market, Brazil, but financial measures remained consistent with its expectations.

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