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April 14, 2008 |
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GERDAU SA: Regulator Endorses Firm's Plan to Buy Comsisa Shares Colombian industry and trade regulator Superintendencia de Industria y Comercio has endorsed Gerdau SA's plan to acquire shares in Compania Siderurgica de la Sabana or Comsisa. Business News Americas relates that a Comsisa official said last year that the firm was in talks with Gerdau to sell the plant that manufactures rods and bars that makes up half of Comsisa. BNamericas relates that the regulator also authorized Gerdau to buy shares in Aceros Boyaca-Procesos in Sogamoso that produces almost 80,000 tons per year. According to BNamericas, the Aceros Boyaca-Procesos consortium owns a 50% stake in Comsisa. The official commented to BNamericas, "We are also forming a strategic alliance in which Gerdau has promised to supply bars to our sales branch, Codiacero." Gerdau's Diaco will be increasing production in Colombia to almost 780,000 tons of bars produced at Comsisa, BNamericas states. Headquartered in Porto Alegre, Brazil, Gerdau SA -- http://www.gerdau.com.br/ -- produces and distributes crude steel and related long rolled products, drawn products, and long specialty products. In addition to Brazil, Gerdau operates in Argentina, Canada, Chile, Colombia, Uruguay, India and the United States. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 26, 2007, Moody's Investors Service affirmed Gerdau S.A.'s Ba1 corporate family rating and stable outlook. |
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