ArcelorMittal Thursday announced plans to invest US$1.2 billion in Brazilian steel operations, allowing them to participate in the economic and infrastructure expansions currently seen within the country.
The investment will allow for increased production at their Joao Monlevade facility, thereby increasing annual production tonnages to reach approximately 2.4 million metric tons. Currently, the Joao Monlevade's output is primarily longs-focused, however expansion plans include the construction of additional lines, which will allow the company to also produce both hot and cold rolled products. Also among the company's plans is the completion of a second blast furnace.
Construction is expected to be complete within 24 months.