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Brazil's Gerdau shuts down steel production in Divinopolis plant

By Reuters News

SAO PAULO, Nov 3 (Reuters) - Brazilian steelmaker Gerdau GGBR4.SA decided to shut down steel output at its Divinopolis plant, located in Brazil's southeastern state of Minas Gerais, it said on Tuesday.

  • The plant lost competitiveness as the lack of access to iron ore at accessible prices pressured production costs, Gerdau said in a statement

  • The firm also cited higher steel imports into Brazil and unfavorable market conditions for exports -- "an important component of the unit's operations"

  • The measure is aligned with Gerdau's strategy to concentrate steel production in Brazil in more competitive, efficient, and technologically advanced assets, the firm said

  • Gerdau has been in Divinopolis since 1994 operating an integrated steel mill that combines blast furnace, steelmaking, and rolling mill operations, the company said

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