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The largest producer of long steel in the world sells assets in India

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  • 06:42:53 2018-08-28 / Xinhua

RIO DE JANEIRO, 27 August (Xinhua) – The Brazilian steel producer Gerdau, the largest producer of long steel in North and South America and one of the largest suppliers of special long steel, today announced that it will invest $ 120 million in assets will sell in India.

In a statement, Gerdau said that the Board of Directors approved the sale of the group's activities and assets in India through its subsidiary Gerdau Hungria KFT and Cia Sociedad Recular Colectiva.

This operation is part of the divestment plan to concentrate on the markets of Brazil and the United States.

The assets are sold to Blue Coral Investment Holdings and Mountainpeak Investment Holdings.

The operation involves the sale of an industrial specialty steel plant in Tadipatri (south), whose annual installed capacity is 250,000 tons of crude steel and 300,000 tons of rolled steel, according to the memorandum.

The sale of its assets in India is part of the divestment plan that Gerdau has announced to focus on its operations in Brazil and the United States.

Since the announcement of the sale of assets, the steel company has already raised 6,000 million reais (1,500 million dollars) in 2014.

Gerdau is not only the largest producer of long steel in America, but also the largest recycler in Latin America. Every year it transforms millions of tons of waste into steel around the world. end

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