Brazilian metals and steel group Triaco expects to invest BRL 40 million ($12.2 million) in a new plant in the city of Tres Lagoas, in the state of Minas Gerais, according to several media reports.
The company, which will produce and sell iron, steel and metal-related products, expects to receive the “donation” of a 22,000 square-meter area within the town’s industrial district from the local government under a lease agreement.
The lease proposal is currently being analyzed by the city’s legislative body, known as the Camara de Vereadores. The company said it expects to start building the plant the next day after the lease agreement is signed.
The company, which will be known as Silotres, expects to hire 83 direct employees. The company’s workforce should then grow to 155 people in a second stage.
“In this very moment, given the current economic situation in the country, we’ve been very cautious, but this is a company that should employ 300 people when it operates at full capacity,” the company said in a statement.
The company did not release further details on the products it will produce and sell or its planned capacity.