Gerdau Continues Shopping Spree

Brazilian steelmaker Gerdau, via its Spanish subsidiary Sidenor, is to buy Spain’s GSB for $143 million from CIE Automotive. The acquisition is expected to close by year end. The move to buy GSB comes hot on the heels of an equity increase last week by Gerdau in Peru’s Empresa Siderúrgica del Perú (Siderperú). The Brazilian firm spent $40.5 million to buy a further 32.85% share and take control of 83.27% of Peru’s largest steelmaker. Earlier this year, Gerdau handed over $103 million for Sheffield Steel Corp of the US.