Peru Seeks Strategic Investor

After taking control last week of one of the country’s major steel-producer, SiderPeru, the government is to push ahead with its privatization. Last Friday, the Peruvian state investment agency, ProInversión, paid $53 million for 56.04% of the company, based in northern Peru, following the failure of private owners Sider Corp to meet investment obligations. In 1996, Siderperu was bought by Sider Corp, a group including Acerco and Wiese Inversiones Financieras, part of Banco Wiese Sudameris. The Group has only paid $110.7 million of the $186.2 million originally agreed with the government, while its outstanding debt, including payments, have risen to $237.3 million.