Gerdau announced Thursday it has completed the sale of its Spanish specialty steel mill to Clerbil SL, which will operate the facility under the brand name Sidenor.
The Brazilian steelmaker said the sale is in line with the company’s goal of focusing its activities in the best performing and most profitable assets it has. With the move, Gerdau has no more producing units in Europe.
The specialty steel unit was sold to Clerbil for EUR 155 million. Additionally, Gerdau could also receive another EUR 45 million within a five-year timeframe “depending on the future performance of the business.”
The Sidenor brand has mills in Basque Country, Cantabria and Cataluña and has a 1 million mt/year capacity.
Gerdau added it will keep collaborating with Sidenor to develop new products, specially those aimed at the automotive industry.