Gerdau Seals BNDES Credit

Brazilian development bank BNDES has approved a BRL1.5bn credit line for steelmaker Gerdau, it says. The funds will be available through 2013, to fit Gerdau’s $3.6bn 2009-2013 investment plan. The Gerdau Acominas, Gerdau Acos Longos, Gerdau Acos Especiais and Acos Villares units will receive proceeds, to upgrade and modernize capacity for certain product lines, logistics, energy generation and environmental projects.