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Gerdau seeks sale of 40% stake of iron ore branch

February 03, 2012 - 09:37 GMT Location: São Paulo

KEYWORDS: Gerdau , Barclays Capital , Ativa Corretora , iron ore , stake , Brazil , Brazilian iron ore

Brazil’s steel group Gerdau is to sell 40% of its mining unit for roughly $2.5 billion, news agency Bloomberg reported on Wednesday February 1.

Global ventures, comprising Chinese and Japanese firms, are interested in acquiring such stake, according to the news agency. Contacted by Metal Bulletin, Gerdau said it would not comment on the issue as it is in a quiet period. In March 2011, Gerdau’s André Gerdau Johannpeter said that the company might sell excess iron ore output in the future and that it was analysing alternatives for monetising part of these...

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