Brazilian steelmaker Gerdau has announced that its European subsidiary Gerdau Hungria Holdings Limited Liability Company has acquired an additional 20 percent stake in Spain-based special steel producer Corporación Sidenor, S.A. for approximately €206 million.
As a result of the acquisition, Gerdau Hungria Holdings holds 60 percent of Corporación Sidenor, which is one of the main manufacturers of special long steel products in Europe. In addition, Corporación Sidenor owns a 58.44 percent interest in Brazilian special steel long products and mill rolls producer Aços Villares S.A.
The acquisition is in line with Gerdau's strategy to consolidate its presence in the special bar quality (SBQ) market, and to strengthen its assets in Brazil, Spain and the United States.