The Brazilian Gerdau group informed that its subsidiary Gerdau Aços Longos has reached an agreement with the country’s competition authority, CADE, to end an investigation related to an alleged infraction to the economic order in the rebars market.
The company agreed to pay BRL 256 million ($41.6 million) to end the process, but declared that “the agreement does not take into consideration the merit of the alleged practices object of the process and should not be construed as an admission by Gerdau of any irregularity or illicitness”.
The agreement is subject to approval by an upper civil court.
USD = BRL 6.15 January 03
