Brazilian integrated steelmaker Gerdau said this week it has concluded the sale of a 100 percent of its Aza Participações SpA to Chilean investors.
The deal was initially announced in October 2017, and more recently, in late May, the transaction received approval by local competition regulator, the National Economic Prosecutor’s Office (FNE).
Gerdau’s subsidiaries sold to Chilean investors incude Gerdau AZA SA, Aceros COX SA, Armacero – Matco SA and Salomon Sack SA. The Chilean investors are Ingeniería e Inversiones Limitada, Inversiones Reyosan SpA, Los Andes S.A. de Inversiones and Matco Cables SpA.
The Chilean assets were sold by Gerdau’s remaining Chilean investment arm, Gerdau Chile Inversiones Limitada. Gerdau’s former Chilean assets include three long steel mills with a combined capacity of 520,000 mt annually, as well as the steelmaker’s distribution facilities.