Brazil's Gerdau buys out Sumitomo Corp and JSW in Gerdau Summit

Japan Steel Works

21/11/2024 10:56

SAO PAULO, Nov 21 (Reuters) - Brazilian steelmaker
Gerdau  GGBR4.SA  has signed a deal to buy out the stakes owned
in Gerdau Summit by its joint venture partners Sumitomo
Corporation and Japan Steel Works, it said on Thursday in a
securities filing. 
    According to Gerdau, it will buy a 39.53% slice owned by
Sumitomo and a 1.74% stake from JSW, with a total cost of $32.6
million.
    The transaction is expected to close in early 2025, Gerdau
said.

 (Reporting by Luana Maria Benedito; Editing by Jan Harvey)
 ((LuanaMaria.Benedito@thomsonreuters.com; +551156447723;))