Tulio Salgado, CEO of the Peruvian steel producer Aceros Arequipa, was quoted by the local press as saying that the company will invest $100 million in 2023.
According to Salgado, the main item for the investment is a new rolling mill, with a price estimated at $75 million, while other $25 million will cover other smaller investments, including a distribution center that is about to be concluded. The new rolling mill is expected to start operations between the first and second quarters of 2024.
Salgado mentioned that the company has plans to build a new plant or even to buy an existing plant, with preference for other countries of the region.
The company’s new steel mill inaugurated in 2021, at Pisco, is currently operating at a pace of 1.25 million mt of crude steel per year, its nameplate capacity. According to Salgado, the company is developing works to operate at a higher pace, possibly reaching 1.45 million mt per year in 2023.
Aceros Arequipa is expected to close 2023 with sales estimated at $1.3 billion, 4 percent more than in 2021, with plans to increase exports to compensate for the lower domestic demand. The company currently exports to Bolivia, Colombia, Chile and Brazil.