Brazilian steel group Aço Cearense files for bankruptcy protection

Brazilian steel producer and distributor Aço Cearense has filed for bankruptcy protection, it said on Friday May 5.

The ongoing crisis in the country’s economy and the local steel sector is behind this decision, the company said.
The request was filed on Thursday May 4 with an undisclosed Court of Justice.

“Even with our positive results, in the past few months the company has faced difficulties [in adjusting] its capital structure amid this adverse economic context,” Aço Cearense president Vilmar Ferreira said.
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Published

Felipe Peroni

May 07, 2017

17:16 GMT

São Paulo