Brazilian group Votorantim has agreed to sell Mexico’s Simec full control of Argentine long-steel producer Aceros Bragado (Acerbrag). The deal marks Votorantim’s final step in exiting the steel industry.
The companies did not disclose Acerbrag’s enterprise value. Analysts estimate it at about $360 million. Simec said it will finance the acquisition with its own resources. Closing is subject to regulatory approval in Brazil, Argentina and Mexico.
Based in Bragado, in Buenos Aires province, Acerbrag has annual production capacity of 300,000 metric tons and operates an electric arc furnace melt shop and rolling facilities.
Votorantim sold its Brazilian steel operations to ArcelorMittal in 2018 and its Colombian subsidiary, Acerías Paz del Río, to local financial institutions in 2022.
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