Sidenor Reinosa, (credit photo @ .eldiariomontanes)
Brazilian steelmaker Gerdau said in a filing with securities regulators y that it had not made a decision on whether to sell Sidenor, a specialty steel unit in Spain that employs nearly 2,500 people. The Brazilian Securities Commission had asked the steelmaker about recent press reports that banking giant Santander had been hired by Gerdau to help orchestrate a sale of the Spanish mills. Gerdau said it regularly reviewed “opportunities to optimize assets with a strategic view toward generating higher returns for its businesses, operations and shareholders.” As a result, “investment banks and specialized firms are consulted, at times, to identify and evaluate such opportunities,” Gerdau said. The steelmaker said it would keep the markets informed of any decisions regarding a possible asset sale. Gerdau has 2,250 employees at its 10 mills in Spain, where it produces specialty steel products. The steelmaker, the leading producer of long steel products in the Americas and one of the main suppliers in this category around the world, acquired Sidenor’s mills along with Banco Santander and a group of Sidenor executives in 2005. Gerdau has a 40 percent stake in the unit, while Santander owns another 40 percent of the stock and the company’s management has a 20 percent stake.
Source :
http://latino.foxnews.com/latino/news/2015/10/20/brazilian-steelmaker-gerdau-says-no-decision-made-to-sell-sidenor-unit/