Gerdau Approves BRL4bn in Share Sales

Brazilian steelmaker Gerdau plans to file for a BRL2.8bn primary share offering for itself and a BRL1.2bn primary offering for subsidiary Gerdau Metalurgica. Following board approval yesterday, Gerdau said it expects to request regulatory approval today. It took out a $2.75bn loan and sold $1bn in bonds last year to help fund its US unit’s $4.22bn acquisition of Chapparal Steel.