Chile/Brazil: Gerdau to sell all of its assets in Chile by 2018

Brazilian steel giant Gerdau announced an agreement with a group of local businessmen (including prominent Chilean figures, the Matetic and Del Rio families and the former general managers Italo Ozzano and Hermann von Mühlenbrock), to sell their Chilean business, the second-largest steel producer in the country.

“The company will now pass to other owners in Chile, and will continue to produce locally. Gerdau’s goal is to focus its efforts in the markets where it has greater presence, such as Brazil and the United States,” explained Gerdau CEO Marcus Vinicius. The executive ruled out that Gerdau would send exports Brazil to Chile once it leaves the local market, confirming that its exit from the market will be total. “Gerdau is leaving Chile,” he said emphatically.

Regarding the terms established for the sale of assets, the Brazilian executive explained that this “depends on the National Economic Prosecutor’s Office (FNE). It is planned to take between three and nine months, that is the expectation, but it can vary depending on the FNE”.

Full Content: La Tercera

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