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Gerdau selling Chilean long steel unit for US$154M

Gerdau SA agreed to off-load its long steel operation in Chile to local groups Matco Armacero SA and Ingeniería & Inversiones SA for about US$154 million, Reuters reported Oct. 4.

The transaction, which will help the Brazilian steelmaker reduce debt and boost profitability, is subject to antitrust approval in Chile.

According to a securities filing, the unit has installed capacity of 520,000 tonnes.

Earlier in the day, Gerdau launched a cash tender offer to buy back up to US$500 million of its 2021, 2020 and 2024 bonds.