• Gerdau S.A average return on tangible equity for 2023 was 24.85, a 44.99% decline from 2022.
• Gerdau S.A average return on tangible equity for 2022 was 45.17, a 0.7% decline from 2021.
• Gerdau S.A average return on tangible equity for 2021 was 45.49, a 473.64% decline from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.