Brazilian long steel distributor Açotubo plans to invest a combined BRL 120 million ($20.8 million) by 2023 to expand and internationalize its business, according to a media report by Valor.
Out of the BRL 120 million investment ($20.8 million), the company expects to spend BRL 50 million ($8.69 million) in 2021. The company expects to use the funds to support the growth of its distribution business, which includes automating and digitizing processes, while also buying new equipment and machinery.
The company also plans to expand regionally in Latin America. According to the media report, Açotubo is a partner in a Peruvian steel business.
Açotubo reported net revenues of BRL 1.1 billion ($190.1 million) in the full-year of 2020, with sales volumes of 100,000 mt.