| Metalurgica Gerdau S.A. | 97,50% | 557.898.901 |
| Capital Research & Management Co. (International Investors) | 7,42% | 81.702.491 |
| GIC Pte Ltd. (Investment Management) | 5,18% | 57.046.452 |
| Capital Research & Management Co. (World Investors) | 3,97% | 43.687.967 |
| Capital Research & Management Co. (Global Investors) | 3,08% | 33.931.584 |
| The Vanguard Group, Inc. | 2,73% | 30.079.194 |
| Arrowstreet Capital LP | 1,72% | 18.933.009 |
| Carlson Capital LP | 1,72% | 19.000.009 |
| Contrarian Capital Management LLC | 1,68% | 18.553.613 |
| Itaú Unibanco SA | 1,56% | 17.153.837 |
| UBS Asset Management (UK) Ltd. | 1,24% | 13.663.600 |
| Dimensional Fund Advisors LP | 1,22% | 13.389.702 |
| Gerdau S.A. | 1,13% | 12.475.155 |
| ARGA Investment Management LP | 1,10% | 12.136.200 |
| Adage Capital Management LP | 1,08% | 11.873.369 |
| BB Gestão de Recursos DTVM SA | 1,06% | 11.622.897 |
| Occam Brasil Gestão de Recursos Ltda. | 1,00% | 11.055.046 |
| BlackRock Advisors (UK) Ltd. | 0,75% | 8.253.330 |
| Bram Bradesco Asset Management S/A DTVM | 0,68% | 7.483.429 |
| Acadian Asset Management LLC | 0,51% | 2.938.566 |
