<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0607</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2026-05-05</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001073404</issuerCik>
        <issuerName>GERDAU S.A.</issuerName>
        <issuerTradingSymbol>GGB</issuerTradingSymbol>
        <issuerForeignTradingSymbol>GGBR</issuerForeignTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0002134175</rptOwnerCik>
            <rptOwnerName>de Franca Gustavo Silva</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerNonUSAddressFlag>true</rptOwnerNonUSAddressFlag>
            <rptOwnerStreet1>AVENUE DOUTORA RUTH DE CARDOSO, 8501.</rptOwnerStreet1>
            <rptOwnerStreet2>8TH FLOOR, PINHEIROS</rptOwnerStreet2>
            <rptOwnerCity>SAO PAULO</rptOwnerCity>
            <rptOwnerNonUSStateTerritory>SAO PAULO</rptOwnerNonUSStateTerritory>
            <rptOwnerCountry>D5</rptOwnerCountry>
            <rptOwnerZipCode>05425-070</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Officer</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Preferred shares</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>25729</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Restricted Stock Units</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>19.5</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2027-02-12</value>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <value>2027-02-12</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Preferred shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>3570</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Restricted Stock Units</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>19.06</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2027-08-01</value>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2027-08-01</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Preferred shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>50221</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Restricted Stock Units</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>18.32</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2028-02-12</value>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <value>2028-02-12</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Preferred shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>4117</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Restricted Stock Units</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>20.83</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2029-02-12</value>
                <footnoteId id="F4"/>
            </exerciseDate>
            <expirationDate>
                <value>2029-02-12</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Preferred shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>4038</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Restricted stock units vest on February 12, 2027. Exercise price denominated in Brazilian reais (R$).</footnote>
        <footnote id="F2">Restricted stock units vest on August 1, 2027. Exercise price denominated in Brazilian reais (R$).</footnote>
        <footnote id="F3">Restricted stock units vest on February 12, 2028. Exercise price denominated in Brazilian reais (R$).</footnote>
        <footnote id="F4">Restricted stock units vest on February 12, 2029. Exercise price denominated in Brazilian reais (R$).</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Gustavo Silva de Franca</signatureName>
        <signatureDate>2026-05-08</signatureDate>
    </ownerSignature>
</ownershipDocument>
