Brazilian steelmaker Gerdau has agreed to buy 96.4% of its shares in Siderúrgica Latino-Americana (Silat) from Spain's Hierros Añón for $110.8 million at the end of its request to divest over the past four years.
Silat is located in Caucaia, located in the northeastern Brazilian state of Ceará, and has an annual long steel rolling capacity of 600,000 tons. The company mainly produces rebar and wire rod.
"The acquisition appears to be part of Gerdau's strategy to provide better customer service in the Brazilian market," the steelmaker said in a statement on Wednesday (November 27th).
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