Brazilian holding company Votorantim SA, which owns long steel businesses in Colombia and Argentina, will sell its stake at Acerias Paz del Rio by Q1 2022, according to media reports.
Votorantim SA has stopped reporting results for its long steel businesses in Argentina and Colombia; in Argentina, it owns Acerbrag, while in Colombia, it owns Acerias Paz del Rio.
The company will sell an undisclosed majority stake at Acerias Paz del Rio to Trinity Capital and Structure Banca de Inversión. The deal is expected to be closed by Q1 2022, a media report by La Republica said.
The announcement comes years after Votorantim merged its Brazilian business, Votorantim Siderurgia, with ArcelorMittal Brazil. The deal was approved in 2018, as reported by SteelOrbis. SteelOrbis understands that Votorantim SA will likely sell Acerbrag if it finds an investor willing to assume the mill’s operations in Argentina.