• Gerdau S.A average gross margin for 2023 was 18.54%, a 26.14% decline from 2022.
• Gerdau S.A average gross margin for 2022 was 25.1%, a 8.38% decline from 2021.
• Gerdau S.A average gross margin for 2021 was 23.16%, a 123.12% increase from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.