Brazilian integrated steelmaker Gerdau concluded the acquisition of Ceará state-based steelmaker Siderurgica Latino-americana (Silat), following the approval of the deal by anti-trust regulator Cade in September this year.
Gerdau said in a document filing that it completed the transaction on November 30. Gerdau bought 96.35 percent of the shares of Silat. Gerdau announced in November 2019 it would buy a controlling stake at Silat for $110.8 million.
Silat is based in the Brazilian state of Ceará and operates a 600,000 mt/year rebar and wire rod mill. It was previously owned by Spanish group Hierros Añón. Gerdau owns a steel mill near 12.4 miles from Silat, which has a 160,000 mt/year capacity.