Japanese steel producer Nippon Steel has announced the development plan of its Brazilian subsidiary Usinas Siderurgicas de Minas Gerais SA (Usiminas). Usiminas will invest Yen 1 trillion ($8.4 billion) to expand its production in Brazil.
According to the plan, the mill will increase its crude steel annual production to 11 million metric tons by 2011. It is estimated that Usiminas will invest Yen 680 billion ($5.72 billion) in existing plants and Yen 320 billion ($2.69 billion) in new facilities.