Aceros Arequipa, one of Peru’s largest steelmakers, has increased its investment guidance for its Pisco EAF mill by 15.5 percent, according to a document filing, from $180 million to $208 million. As previously reported by SteelOrbis, the mill should commence production by mid-2020, with a 1.2 million mt/year capacity.
In November last year, Aceros Arequipa signed a $180 million loan with local Banco de Credito del Peru (BCP) to back up the mill. The loan was divided into two leasing contracts, one for $101.7 million, to back up civil construction works, and another credit line of $78.2 million.
Aceros Arequipa did not disclose how it would support the increased investment aside from its existing investment funds.