Gerdau SA has agreed to sell a Chilean long steel unit to local players Matco Armacero SA and Ingeniería & Inversiones SA for about $154 million, in a move aimed at helping the largest steelmaker in the Americas cut debt and boost profitability.

In a Wednesday securities filing, Gerdau said the unit has installed capacity of 520,000 tonnes and the deal is pending on antitrust approval in Chile.

Source:reuters.com