Gerdau temporarily shuts down plants in Peru, Argentina, US
26 Mar 2020 13:50 reported by Hazel Chen
Since Peruvian and Argentine governments have declared a coronavirus emergency and have closed borders while also requiring their nationals to take quarantine measures, Gerdau, Brazil's integrated steelmaker, also announced that its Peruvian steel mill Siderperu and Argentine rolling mill Sipar Gerdau Inversiones SA have been suspended.
Also, the company’s steelmaking plant in Brazil was facing a shock due to the decision of Brazil’s state government to implement the quarantine law like the state of Sao Paulo.
In addition, due to weak demand from the automotive industry in the US, Gerdau also announced that its special steel mill in the US has also temporarily suspended production.
Gerdau was now carefully reviewing and planning to postpone global capital expenditure estimates for 2020. It was understood that the company's current cash and capital credit would help the company to take countermeasures during the coronavirus crisis.
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