Gerdau mum on devaluation effect at Sizuca

Wednesday, January 13, 2010

Operations in Venezuela represent 1% of Brazilian steelmaker Gerdau's (NYSE: GGD) installed capacity, Brazil's Agência Estado reported.

Porto Alegre-based Gerdau, the largest long products steelmaker in the Americas,

controls Siderúrgica Zuliana (Sizuca) in Venezuela.

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Gerdau, which has installed capacity of over 20Mt, acquired Sizuca in 2007. According to the report, Gerdau has not commented on Venezuelan President Hugo Chávez's announcement of a currency devaluation late last week nor on its effects on the company's operations in the country.