The content has been shared, if you want to share this content with other users click here.
Brazilian long steel producer Gerdau (NYSE: GGB) signed on Monday an agreement to acquire 100% of Venezuelan steelmaker Siderúrgica Zuliana (Sizuca) for US$92.5mn, Gerdau said in a statement.
Sizuca produces concrete reinforcing bars and has installed capacity of 300,000t/y of crude steel and 200,000t/y of rolled products. "This acquisition is part of Gerdau's growth strategy in the Americas and ensures its presence in a country with relevant economic growth," the statement said.
Porto Alegre-based Gerdau operates in Argentina, Brazil, Chile, Colombia, Peru, Uruguay, the US and Spain, and announced this year plans to acquire assets in Mexico and the Dominican Republic.