INICIA Group, a Dominican Republic-based asset management firm, agreed to acquire the remaining stakes in Colombia and Dominican Republic Joint Ventures with Gerdau, the largest producer of long steel in the Americas, for $325m. "The sale of the long steel operations in Colombia and the Dominican Republic is aligned with Gerdau’s capital allocation strategy, focusing on growth and the competitiveness of the assets with higher long-term value creation potential," Gustavo Werneck, Gerdau CEO.