SAO PAULO, March 29 Gerdau SA, the
largest steelmaker in the Americas, has agreed to create a long
steel joint venture in Colombia with Putney Capital Management
amid efforts to cut debt and boost returns.
Under terms of the venture, which were unveiled in a
Wednesday securities filing, Porto Alegre, Brazil-based Gerdau
will sell half of its stake in a Colombian mill, Gerdau Diaco,
to Putney. The venture is valued at $165 million and has annual
output capacity of 674,000 tonnes, the filing said.
Putney, an asset management firm, is also Gerdau's partner
in the Dominican Republic.
(Reporting by Bruno Federowski; Editing by Paul Simao)