Mexico-based Industrias CH, S.A.B de C.V. (ICH) informed investors at its most recent Board of Directors meeting thata decision was reached to invest, through Grupo Simec S.A.B de C.V. (SIMEC), in a 600,000 annual ton capacity facility of special bar quality steel (SBQ) in the northern part of Mexico.
The new SBQ facility will require an investment of approximately US$700 million, which will be financed with its own resources, said the company in a press release.
Additionally, the board approved the installation of a new spiral-welded steel pipe facility, which will allow the company to manufacture pipe up to 100 inches in diameter with a wall thickness of 1 inch.
Both projects have been approved by the board of ICH and SIMEC in response to the growing demand for its products by the automotive and petrochemical industry.