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November, 17th 2018

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NOV 05
14:49

Gerdau completes sale of four longs assets in US

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Brazilian steelmaker Gerdau has concluded the sale of four of its operations to US longs producer and metals recycler Commercial Metals Company (CMC), the company informs in a stock exchange filing monitored by Kallanish.

The transaction involves Jacksonville, Knoxville, Rancho Cucamonga and Sayreville mills, as well as all of Gerdau’s US rebar fabrication facilities, says Gerdau.

“The completion of this transaction represents an important milestone in our strategy to reduce financial leverage and to focus on better return opportunities. We will accelerate growth in attractive segments in North America,” comments the ceo of Gerdau Gustavo Werneck.

The transaction is valued at $600 million as was originally announced on 2 January 2018.

Gerdau controls thirteen mills distributed across the US and Canada.