Brazilian integrated steelmaker Gerdau declined to respond on Monday to claims it was selling hydro power plants as a way to strengthen its cash position.
A media report by Veja said the steelmaker hired Credit Suisse to raise some BRL 700 million with the sale of two hydro plants.
“Gerdau doesn’t comment market rumors. However, it emphasizes it keeps its strategy of evaluating assets, focusing on those with increased profitability,” the company said in a statement.