Brezilian steelmaker Gerdau has announced that it has signed an agreement to sell 100 percent of its operations in Chile to the Chilean family-owned groups Matco and Ingeniería e Inversiones in order to optimize its assets, with a focus on profitability and the reduction of leverage. The value of the transaction is $154 million. The consummation of the transaction still depends upon approval from the Chilean antitrust authority.
The company stated that the assets included in the sale are long steel industrial units, with a combined annual steel production capacity of 520,000 mt.