Brazilian steelmaker Gerdau has concluded its acquisition of Sider??rgica Latino-Americana (Silat), a long steel producer located in the northeastern state of Cear??, after gaining approval from anti-trust regulator Cade, the company said on Tuesday December 1.
Silat has capacity for 600,000 tonnes per year of long steel products, mainly rebar and wire rod. Gerdau had first reached an agreement in November 2019 to buy 96.4% of the company's shares from Spain-based Hierros A????n for $110.8 million.Despite having 600,000 tpy of rolling capacity, Silat was struggling to produce more than 100,000 tpy recently, Gerdau chief financial officer Harley Scardoelli said on November 11. The...