According to Brazilian news reports Monday, Gerdau has joined the competition to acquire the assets of bankrupt, France-based engineering steel manufacturer Ascometal. Gerdau, which has reportedly offered 86 million euro (US$118 million), has pledged to rehire the over 1,500 employees laid off from Ascometal, plus over 150 more workers.
Half of the offered sum would cover the sale while the other half would assume a variety of Ascometal’s liabilities. An additional 150 million euros (US$206 million) would be reportedly invested over the next five years.
Bids will be reviewed this week, with a decision expected by the end of this month.