Siderperu, a leading company in Peru's steel sector, announced it will lay off 111 workers, representing 13% of its total workforce, as a result of closing its road construction business.

In a company statement, Siderperu indicated that it sees no possibility of continuing its road construction business due to fluctuating demand and its long-term profitability.

The company will also reorganize its business lines to address structural issues, improve efficiency, and strengthen its competitive position.