Gerdau announced an agreement with Commercial Metals Company (CMC) to sell four rebar production facilities, including related facilities in the United States.
These steel mills are located in Florida (Jacksonville), Tennessee (Knoxville), California (Rancho Cucamonga) and New Jersey (Sayreville). The deal was first announced in January this year with a US$600 million acquisition.
Gerdau said it will continue to maintain its market share in North America and currently has 13 steel plants in the U.S. and Canada, including structural steel, profile steel, special steel bars and rebar.
Gerdau said this agreement is an important strategy to decrease the company's business deficit and increase profits. North America was one of the company's main markets, so it looks like Gerdau will continue to expand its business for the region by offering better quality and providing more benefits in the construction, industrial equipment, transportation, and energy industries.
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