15 April 2008
Votorantim has acquired 52% of Acerias Paz del Rio (APR), for US$ 489 million. The stake in Colombia's second largest steel maker was sold by the Government through a public auction. Votorantim beat of bids from rival Brazilian steel makers Gerdau and CSN as well as world no. 1 in the industry, Arcelor Mittal.
Last year APR had sales of COP 473 billion (US$ 215 million). It has a single steel mill in Belencito, and the company says its annual production of 0.41 million tonnes represents a 14% share of the domestic steel market. APR also owns iron ore and coke deposits.