UK underwrites $297 million credit line for Brazilian steelmaker Gerdau

Thursday, 23 June 2011 11:33:24 (GMT+2)   -  

Tags: Brazil , UK , Europe , South America , trading , Gerdau , European Union | similar articles » SteelOrbis News

On June 22, during his visit to Brazil, UK Deputy Prime Minister and Liberal Democrat leader Nick Clegg said that trade relations with the fast-growing Latin American economy will provide a "significant boost" to British jobs and growth.

During his visit to Brazil, Clegg announced several business deals worth over £2.5 billion ($4 billion) in total. One of these deals consists of the UK government underwriting a £185 million ($297 million) credit line to Brazil-based steelmaker Gerdau. This credit line will facilitate more than £270 million ($433 million) in exports to Brazil from 79 British companies.

Mr. Clegg said that more trade equals more jobs and that is what the people of both countries want.