On July 6, Paraguayan news reported the possibility of an agreement between Henan Complant Mechanical & Electrical Equipment Group Co Ltd (HCME) and Acepar’s steel mill. At the time, Vemarcorp also expressed interest in acquiring the steel mill as reported by SteelOrbis on May 29, 2018.
According to a recent press release, HCME and Acepar have sealed the special acquisition agreement, and HCME has taken possession of the management of Acepar. The agreement is for 20 years and an investment of US$116 million.
HCME’s representative, Pavel Aracena Vargas, noted that the site will also produce specialized steel for export to the Asian market. He added that Paraguay would be a pioneer in Latin America in the manufacturing of the specialized material for the automotive industry for export.