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Gerdau to sell US rebar operations to CMC

Jan 30, 2018 | 07:00 PM | AMM's London staff, Fastmarkets AMM staff

Gerdau has agreed to sell some of its rebar production units, including mills in Jacksonville (Florida), Knoxville (Tennessee), Rancho Cucamonga (California) and Sayreville (New Jersey), as well as certain other facilities, to Commercial Metals Co for $600 million.

The deal is part of the company’s “global transformation, in order to be more profitable in an extremely competitive steel market,” according to executive vice chairman Andre Gerdau Johannpeter. “This deal represents an important milestone in our strategy to reduce financial leverage and focus on better return opportunities in the markets where we operate,” he added.

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