Brazil's Gerdau concludes sale of Spanish operations
Brazilian steel group Gerdau has completed the sale of its Spanish subsidiary Sidenor to investment group Clerbil, which was formed by Sidenor executives.
The deal was worth 155mn euros (US$174mn). An additional 45mn-euro payment after a five-year period will depend on Sidenor's performance.
"The sale is aligned with Gerdau's strategy to focus on its more profitable assets," Gerdau said in a release on Thursday.
Both companies will keep collaborating on the development of new products, especially steel for the automotive industry, the release said.
Domestically, Gerdau is facing headwinds from Brazil's economic recession and lackluster industrial activity, especially in steel consuming segments such as construction and capital goods.
Sidenor is Spain's largest specialty steelmaker, with capacity to produce over 1Mt/y. The company has plants in Madrid, the Basque country, Cantabria and Cataluña, and commercial offices in Germany, France, Italy and the UK.
Porto Alegre-based Gerdau is the largest Latin American steelmaker and the biggest long steel producer in the Americas.
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