The Sabara steel plant, located in the state of Minas Gerais, will receive an investment of BRL 144 million ($30 million) from ArcelorMittal Brazil, until 2024.
The plant, inaugurated in 1917, will receive two new sets of drawing equipment to serve the auto industry and will have its production capacity increased by 35 percent.
According to ArcelorMittal CEO Jefferson de Paula, nine out of the ten most sold cars in Brazil have springs, shock absorbers, bolts and other items produced with steel from the Sabara plant.
Other current investments of ArcelorMittal Brazil in the state of Minas Gerais include BRL 2.5 billion ($520 million) in the Joao Monlevade plant and BRL 1.8 billion ($374 million) in the Serra Azul plant.
USD = BRL 4.81 (June 01)