Gerdau has recently declared the execution of a definitive agreement to sell its specialty steel producer in Spain to Clerbil SL, an investment group with international experience formed by local executives of the Company and led by the current CEO of the operation, José Jainaga.
“Faced with the global challenges of the steel industry, we are seeking to generate more market value and increase the competitiveness of our operations, keeping debt levels under control. In this context, the sale in Spain will allow Gerdau to focus on its more profitable businesses. I would like to thank our local team’s commitment to face the challenging time that is being experienced across the world steel market,” said the CEO of Gerdau, André B. Gerdau Johannpeter.
The company, which will operate again under the brand Sidenor, has factories in the Basque Country, Cantabria and Cataluña and commercial offices in Germany, France, Italy and the United Kingdom. Sidenor and Gerdau will continue collaborating on the development of new products, particularly steel applications for the automotive industry. The transaction is expected to be completed by July, subject to analysis by the competition authorities in Spain.
