Brazil: Gerdau group plans to produce and sell steel in China

22 August 2008

Rio de Janeiro, Brazil, 22 Aug – Brazilian steel maker Gerdau palns to produce and sell steel in the Chinese market and has looked into opportunities in the country, the company’s vice president for finance and investor relations director said Thursday in Rio de Janeiro.

According to financial newspaper Valor Económico, Osvaldo Schirmer said that Gerdau’s aim was to produce and sell steel in the Chinese market and that there was no intention of using China as a production area for later export.

Schirmer also said that based on initial estimates the entry into China was already supposed to have happened but declined to give details about how the company planned to enter the market or give a schedule for when this would happen.

The Gerdau group is the 13th biggest steel producer in the world in the leader in production of long steels in the Americas. It has a presence in 14 countries: Argentina, Brazil, Canada, Chile, Colombia, Spain, the United States, Guatemala, Índia, Mexico, Peru, the Dominican Republic, Uruguay and Venezuela.

Its products are aimed at teh construction sector and industry and its shares are listed on the Sao Paulo, New York, Toronto and Madrid stock exchanges.

In the first half of the year, the Gerdau group’s turnover rose 35.2 percent to 22.3 billion reais. (macauhub)