Gerdau to sell 10.5 million shares through secondary offering

Gerdau, Brazil's largest long steel company, will sell up to 10.5 million common shares through a secondary offering on Thursday. In a statement Wednesday, Gerdau said the shares will be sold at a minimum price of 40 reais (about US$14) per unit, an 8% discount from Tuesday's closing price of 43.50 reais. Metalúrgica Gerdau, a unit of the Gerdau group, will offer 3.92 million common shares, also through a secondary share offering. The minimum price was set at 55 reais per share, a 12.7% discount from the Tuesday close of 63 reais. by Márcio Anaya