Gerdau shareholders approve local operations restructuring
Bnamericas Published: Friday, November 28, 2003
Shareholders of Brazilian long steel group Gerdau (NYSE: GGB) approved Friday plans to restructure local operations under its Acominas unit, which will be called Acominas Gerdau, the company said in a statement. As part of the restructuring, Gerdau will increase its stake in Acominas to 92% from 79% through the capitalization of assets. Porto Alegre-based Gerdau previously said the integration could bring savings of US$60mn over five years from operational synergies and tax benefits. Gerdau Acominas will have its activities divided into three areas: long steel; extra long steel; and semi-finished products such as slabs, billets and ingots. Brazilian steelmaking operations including 10 mills will have combined output of 7.4Mt of crude steel and gross revenues of 6.7bn reais (US$2.35bn). Gerdau operates 23 plants in Brazil, the US, Canada, Argentina, Chile and Uruguay. It is the largest long steel producer in the Americas with installed capacity of 14Mt/y. Shareholders also approved the absorption of Gerdau three units: Gerdau Participacoes, CEA Participacoes and Armafer Servicos de Construcao.
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