Brazilian steelmaker MRX Siderúrgica Norte Brasil, which is part of Grupo Cearense, plans to invest BRL 30 million ($5.5 million) to set up a mill in the city of Barrolândia, in the state of Tocantins, a media report from Noticia do Tocantins said.
The company expects to generate about 300 jobs in the region, although it did not disclose a date or specific plan to launch the mill.
Grupo Cearense, which owns MRX, also manages Brazilian steelmaker Sinobras. Sinobras has a 380,000 mt steelmaking capacity. Sinobras said recently it was operating at 86 percent its rolling mill capacity.