Brazilian integrated steelmaker Gerdau announced on Friday it will terminate its US-based subsidiary Villares Corporation of America. Villares sold steel-related products, including rolling mill rolls.
Gerdau said the termination of its subsidiary was due to the company’s business strategy. The company’s assets will now be managed by Gerdau SA’s appointed official Felipe Tonidandel Pereira Ribeiro Campomizzi.
Gerdau has also authorized Villares Corporation of America to be represented by any of Gerdau’s directors or legal representatives, especially those appointed for the specific purpose of terminating the subsidiary’s activities.