Brazilian integrated steelmaker Gerdau said on Monday it sold all the assets and operations of its Gerdau Steel India business for Blue Coral Investment and Mountain Peak Investment for $120 million. The Indian business has an installed capacity of 250,000 mt/year of crude steel and 300,000 mt/year of finished steel products.
Gerdau sold 100 percent of the Indian assets through Spanish-based subsidiary Gerdau Hungria KFT Y CIA Sociedad Regular Colectiva, which owned 98.89 percent of Gerdau Steel India.
Gerdau said the transaction is expected to conclude by the end of the year and is subject to “eventual adjustments in the acquisition value.”
Gerdau said the deal will help it focus in the Americas, where it operates in Brazil and the US, its core markets.