Gerdau,the Brazilian steel maker, (1a) is becomingone of Latin America’smost successful (1b) companies. It (2a) israising productivity in its (2b) plants; it(3a) is getting the price and timing of its takeovers of smaller companies (3b) right ; and, most important, it (4a) ..is beginning… to understand investors (4b) expectations. Investors want a firm that’s focused and transparent, with a simpleshare structure, and that’s exactly what Gerdau gives them. The onlyproblem in the short term is a problem of success. Gerdau (5a) isapproaching a 50%(5b) share in its domestic market, and so it (6a) is attracting the (6b) attention of Cade, the monopolies authority.These days it’s much easier to do business in Brazil. The government is simplifyingthe company-tax structure, it (7a) ismaking the labour market more (7b) flexible bychanging the restrictive labour laws, and it (8a) is modernizing company (8b) law ingeneral.
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