March 24, 2020 / 12:18 PM / 5 days ago

Brazilian steelmaker Gerdau postpones Capex, suspends ops in Peru and Argentina

RIO DE JANEIRO, March 24 (Reuters) - Brazilian steelmaker Gerdau SA is "cautiously postponing" all 2020 capital expenditure initiatives due to uncertainty surrounding the coronavirus pandemic, it said in a securities filing on Tuesday.

The company added it has suspended all operations in Peru and Argentina due to lockdowns declared in those countries, while operations in the United States are paralyzed due to the slowdown of the automotive sector in the country.

Reporting by Gram Slattery; Editing by Andrew heavens

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