Brazilian steelmaker Companhia Siderurfica Nacional (CSN) will invest BRL 250 million ($63.1 million) to repair a blast furnace at its Presidente Prudente mill in Volta Redonda, in the state of Rio de Janeiro. As a result, the company will buy between 450,000-500,000 mt of steel from competitors Usiminas and Ternium Brazil to meet its client demand, as capacity utilization will decrease due to the scheduled maintenance, local media Valor said.
CSN will reportedly repair the blast furnace between June 28 and August 28, and the steelmaker reportedly has 70 percent of the inventory it needs to keep up client demand during the blast furnace maintenance.
USD = BRL 3.95 (May 2)