Gerdau announced Monday the company's majority ownership of its first plant in Asia at Tadipatri, Ananthpur District, Andhra Pradesh, India and change of the operation name from Kalyani Gerdau to Gerdau.
In 2007, Gerdau entered into a joint venture with Kalyani group company - Kalyani Steels Limited to acquire SJK Steel Plant Ltd. with an equal partnership of 45 percent each to form a JV. Following the acquisition of Kalyani's shares, the operation is now majority owned by Gerdau.
Recently, the plant started operations of its blast furnace, melt shop, sinter plant, power plant and rolling mill. It has an installed capacity of 300,000 tons of special steels, mainly focused on the automotive market.
"This move paves way for Gerdau to come to India and cater to the domestic market to the benefit of our customers and improve over all standards in quality of steels manufactured in the country", said Arvind Mathur, Executive Director-India for Gerdau.