Brazilian steel producer Gerdau has announced an agreement to acquire full control of Gerdau Summit Aços Fundidos e Forjados S.A. by purchasing 39.53% of its capital from Sumitomo Corporation and 1.74% from The Japan Steel Works Ltd., for a total estimated price of $32.6 million. The acquisition will allow Gerdau to assume complete ownership of the subsidiary, which is located in Pindamonhangaba, São Paulo, and has a production capacity of 40,000 metric tons per year for cast and forged steel products. This move aligns with Gerdau's strategy to enhance synergies across its operations and provide higher value-added products and services. The transaction is expected to be finalized in early 2025.
