Gerdau recently announced an agreement with Commercial Metals Company (CMC) to sell four rebar manufacturing mills, also including related facilities in the US.
These mills located in Florida (Jacksonville), Tennessee (Knoxville), California(Rancho Cucamonga) and New Jersey (Sayreville). The agreement was first announced in January this year, with acquisition amount of US$600 million.
Gerdau said it will continue to maintain its market share in North America, and currently had 13 steel plants in the US and Canada, including structural steel, profile steel, special steel bars and rebars.
Gerdau also mentioned that this deal was an important strategy to reduce the company's business deficit and increase profits. North America was one of the company's core markets, so Gerdau will continue to increase its business for the region, providing better quality in construction, industrial equipment, transportation and energy industries, and creating greater benefits.
