Gerdau mulling expansion plans in China - BrazilPublished by MAC on 2007-05-03
Source: Business News Americas ()
Gerdau mulling expansion plans in China - Brazil
3rd May 2007
Brazilian long steelmaker Gerdau (NYSE: GGB) is considering expanding operations into China, CEO André Gerdau Johannpeter told reporters during a conference call Thursday.
"There is no deadline or confirmation at this moment of entering the market or any business [deal]," the CEO said. "We have been studying for several months and we will continue to do so until we find a good opportunity to invest in China."
In terms of acquisitions, Gerdau has shown significant enthusiasm of late. The company secured a majority stake in Peru's largest steelmaker Siderperú last year and purchased steel companies in the US. Meanwhile, the group entered the Mexican market in 2007 with the acquisition of Siderúrgica Tultitlán for US$259mn. Porto Alegre-based Gerdau is the largest long steel producer in the Americas, with crude steel production of 4Mt in the first quarter of this year.
By Roberta Pregnaca
Business News Americas