Brazilian steel producer Gerdau announced that its board of directors has approved the establishment of a 50:50 strategic partnership between Gerdau Next and Brazilian semi-trailer producer Randon Serviços e Participações to provide truck and semi-trailer rental services, in order to deliver solutions that meet the needs of cargo carriers or shippers and that Gerdau Next & Randon Serviços e Participações have signed the binding instruments that formalize the parties' intention to carry out the partnership.Investment in the JV will be BRL 250 million, with each partner contributing in proportion to its interest in the capital stock. In addition to the initial investment, the partnership may seek other sources of funding.The partnership underlines the mission of Gerdau Next, the new business division of Gerdau, to diversify the business portfolio of Brazil's largest steelmaker in strategic segments and drive its operational strategy with a comprehensive ecosystem of mobility solutions.The formalization of the Partnership is subject to conditions precedent typical to operations of this nature, which include approval from antitrust authorities.With more than 70 years of history, Randon has achieved global presence and leadership in the semi-trailers, railcars, auto parts and services sectors. The organization is headquartered in the city of Caxias do Sul in Rio Grande do Sul in Southern Brazil, has 29 industrial units and is present in more than 120 countries, always prioritizing proximity and trust with its audiences, valuing people and sustainable profit.With a history spanning 121 years, Gerdau is Brazil´s largest steel producer, one of the leading producers of long steel in the Americas & of special steel in the world. In Brazil, it also produces flat steel and iron ore for its own use. Its Gerdau Next focuses on operations in steel-related segments.