Gerdau S.A.

(NYSE:GGB)
  Sep 30, 2008 Jun 30, 2008 Dec 31, 2007 Sep 30, 2007
Cash Flow Statement
Cash At Beginning Of Period 1,137,553 1,268,539 485,498 485,498
Cash At End Of Period 1,180,653 1,279,099 1,137,553 673,064
Net Change In Cash And Cash Equivalents 43,100 10,560 652,055 187,566
Effect Of Exchange Rate Changes 125,929 -89,487 43,452 41,244
Net Income Or Loss 2,028,885 1,714,248 1,616,521 1,252,139
Cash From Operating Activities
Depreciation Expenses 827,796 520,564 688,303 463,898
Amortization Expenses
Amortization Of Intangibles Expenses
Deferred Income Taxes -157,628 39,207 111,118 25,181
Operating Gains Or Losses 738,487 -528,667 307,603 185,453
Extraordinary Gains Or Losses
Increase Or Decrease In Receivables -833,723 -318,580 -232,937 -369,715
Increase Or Decrease In Inventories -1,918,137 -830,599 -441,469 -354,137
Increase Or Decrease In Prepaid Expenses
Increase Or Decrease In Other Current Assets
Increase Or Decrease In Payables
Increase Or Decrease In Other Current Liabilities -11,410 -186,533 213,812 193,052
Increase Or Decrease In Other Working Capital -136,641 602,960
Other Non Cash Items 446,653 -215,551 1,004,615 305,117
Net Cash From Continuing Operations -3,873 -30,586 50,609 28,082
Net Cash From Discontinued Operations 980,409 163,502 3,318,175 2,332,030
Net Cash From Operating Activities
Cash From Investing Activities
Sale Of Property Plant And Equipment 24,483 5,993
Sale Of Long Term Investments
Sale Of Short Term Investments
Purchase Of Property Plant And Equipment -1,045,724 -605,668 -1,328,581 -1,053,390
Acquisitions -2,073,739 -1,735,997 -4,271,833 -4,100,820
Purchase Of Long Term Investments
Purchase Of Short Term Investments -662,221 -659,292
Other Investing Changes Net -27,885 -45,265 -95,755 -72,000
Cash From Discontinued Investing Activities
Net Cash From Investing Activities -3,063,261 -2,386,930 -5,568,488 -5,189,076
Cash From Financing Activities
Issuance Of Debt 1,741,628 1,816,921 514,484 1,842
Issuance Of Capital Stock -1,806,574 -1,453,328 -3,303,287 -1,560,592
Repayment Of Debt
Repurchase Of Capital Stock -527,305 -414,450 -537,636 -398,988
Payment Of Cash Dividends -121,613 6,881 4,961,106
Net Other Financing Charges -121,613 6,881 4,961,106
Cash From Discontinued Financing Activities
Net Cash From Financing Activities 2,000,023 2,323,475 2,858,916 3,003,368