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

Reuters | November 21, 2024 | 7:22 am News Asia Latin America Iron Ore 
Miguel Burnier mine (Image: Gerdau)

Brazilian steelmaker Gerdau 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.

(By Luana Maria Benedito; Editing by Jan Harvey)

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