Brazilian steelmaker Gerdau announced on Friday it will sell its specialty steel unit in Spain to Clerbil for EUR 155 million.
The steelmaker said it could receive another EUR 45 million within a five-year timeframe depending on the future performance of the business.
Gerdau said the Spanish company will continue operating under the Sidenor brand. It has facilities in the Basque Country, Cantabria and Cataluña and has a 1 million mt/year capacity.
Gerdau’s CEO, Andre Gerdau Johannpeter, said the company is now looking to concentrate its operations in the mills that are more profitable.
As previously reported by SteelOrbis, Gerdau has been looking to sell Sidenor since October last year.