SteelCorp dispute: Roberto Justus and Daniel Vorcaro negotiate debt conversion

Leaked messages obtained by the Federal Police reveal a complex financial dispute between businessman Roberto Justus and Daniel Vorcaro, founder of Banco Master, regarding an investment in SteelCorp.

In 2024, Vorcaro invested R$ 130 million in the modular construction company SteelCorp through a chain of funds. The investment was structured as convertible debt intended to become equity. However, the conversion was never finalized, leaving the amount as a debt on SteelCorp’s balance sheet.

Messages from 2025 show Justus pressuring Vorcaro to resolve the impasse, expressing frustration over lack of communication and suggesting that the debt might force SteelCorp to file for judicial recovery. Justus also proposed a buyout of the R$ 130 million debt over a five-year period.

While negotiating a potential buyout with Justus, Vorcaro simultaneously engaged with the Banco de Brasília (BRB). This resulted in BRB acquiring approximately 30% of SteelCorp for R$ 350 million in cash, a figure 170% higher than Justus’s proposed repurchase price. Justus has since stated that he used his own resources to repurchase the debt and prevent Vorcaro from becoming a partner in the company.