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Home >> Business
UPDATED: 10:54, March 29, 2007
Brazilian steel maker Gerdau announces acquisition in Mexico
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Brazilian steel group Gerdau announced on Wednesday it has acquired a steel plant in Mexico for 259 million U.S. dollars.

The contract was signed on Wednesday but the deal still needs to be approved by market regulation agencies in Mexico, Gerdau said in a press statement.

Gerdau will pay the 259 million U.S. dollars needed for the acquisition with its own cash-flow, Gerdau said.

After the acquisition, Gerdau will get full control over the Feld Group, the holding company that runs the Tultitlan plant in Mexico City's metropolitan area.

The plant, with 550 employees, has a production capacity of 350,000 tons of steel and 330,000 tons of laminated products per year. Gerdau is trying to increase its output to 500,000 tons and 430,000 tons, respectively.

Gerdau CEO Andre Gerdau Johannpeter said the acquisition is a landmark of the introduction of the Gerdau Group in Mexico, and a step forward in its strategy to expand operations in the Americas.

Gerdau, the largest producer of long steels on the continent, has plants in Brazil, Argentina, Canada, Chile, Colombia, Peru, Uruguay and the United States. It is a 40-percent shareholder of Spanish company Sidenor, and has a total installed capacity of 19.1 million tons of steel per year.

Source: Xinhua

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