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Bloomberg reports that Gerdau S.A., Latin America’s largest steelmaker, is considering expansion into Eastern Europe and Asia after making its first investment in a steel mill outside the Americas last November.
Gerdau notes at its website that it is the Americas’ largest producer of long steel, including a wide range of wire products, with mills in Brazil, Argentina, Canada, Chile, Colombia, the U.S. and Uruguay.
The news service reported that Gerdau Chief Executive Jorge Gerdau Johannpeter said that his company’s recent purchase of a 40 percent share of Corporacion Sidenor SA gives it access to mills in Spain that will help Gerdau S.A. enter the market for the specialty steels used by European automakers. He said that Eastern Europe and Asia “are the most attractive locations for new operations.”
Johannpeter also said that Gerdau hopes to continue expansion in North America, although he noted that acquisitions are getting expensive. He predicted that steel prices will remain stable this year. |
