Brazilian steelmaker Gerdau S.A. ( GGB) and its North American subsidiary, Gerdau Ameristeel ( GNA), report earnings on Thursday. (Gerdau is not a top 10 holding in EWZ, but it represents a bit under 2% of the fund.) Analysts are looking for 31 cents per share and $6.62 billion in revenue from GGB, and 2 cents per share from GNA on $1.05 billion in revenues. Combined, the two holdings make up nearly 9% of SLX. Like EWZ, SLX slumped more than 20% in early 2010 and also rebounded more than 10%.