Gerdau Acquires Quanex US Steel Business

Gerdau Acquires Quanex US Steel Business

M&A

Brazil's Gerdau has signed a definitive agreement for the acquisition of the MACSTEEL business of Quanex Corporation for $1.458bn cash, plus the assumption of debt and certain liabilities. The acquirer says it will pay with existing cash. The transaction is part of Gerdau's global growth strategy in the long specialty steel market, which mainly serves the auto industry. MACSTEEL, the steel mill operation of Quanex, is the second largest long specialty steel producer in North America, with an ann

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