Latin American steelmakers swept up in merger and acquisition frenzy
Dec 26, 2006 | 02:58 PM
| Diana Kinch
This year was one of intense merger and consolidation activity in which Latin American steelmakers firmed their presence on the world steel scene, strengthened by a backdrop of new slab-for-export projects and rapidly increasing iron ore production in the region.
Brazilian steelmakers remained at the forefront of attentions. Grupo Gerdau SA, Porto Alegre, Brazil, notched up a rapid succession of purchases, including a 40-percent stake in Corporacion Sidenor SA, Vitoria, Spain; Sheffield Steel Corp., Sand Springs, Okla.; and Empresa Siderúrgica del Perú SAA (Siderperú), Lima, Peru. The company was also eyeing Acerías Paz del Rio SA, Bogota, Colombia, and Aceros Bragado SA, Buenos Aires, Argentina, at year-end.
Cia. Siderúrgica Nacional (CSN), Rio de Janeiro, attempted a tie-up with Wheeling-Pittsburgh Steel Corp., Wheeling, W.Va., but was defeated by Chicago-based distributor Esmark Inc. The Brazilian company then proceeded with two flamboyant bids for Anglo-Dutch steelmaker Corus Group Plc, vying with Tata Steel Ltd., Mumbai, India.....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.