Brazilian integrated steelmaker Gerdau is investing a combined BRL 550 million ($142.8 million) at its existing Pindamonhangaba mill, located in the city of same name in Sao Paulo state, to increase specialty steel production, according to a media report from Valor.
Gerdau expects to increase existing capacity from 600,000 mt to 1 million mt. The company’s investment in the mill, with a new continuous casting system, signals the company’s optimism in Brazil’s economic rebound.
Gerdau also expects to refurbish its Ouro Branco blast furnace, in the city of same name in Minas Gerais state, by 2022.
Gerdau’s specialty steel business in Brazil and the US accounted for 16.7 percent of the steelmaker’s net revenues in Q3, according to Valor.
USD = BRL 3.85 (November 28)