Brazilian steelmaker Gerdau S.A. sold their assets to Commercial Metals Company for US$600 million.
In addition to the 33 rebar plants in the United States, electric arc furnace steel mills in Knoxville, Tennessee; Jacksonville, Florida; Sayreville, New Jersey; and the annual capacity of the Rancho Cucamonga, California facilities amounted to 2.5 million tons.
After adding Gerdau's smelting gallery capacity, CMC said its total melt capacity would be about 7.2 million tons. This acquisition aims to focus on the strength of tangible reinforcement products and leverage CMC's core competencies in the areas of rebar production and value-added manufacturing services to non-construction construction customers.
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