Brazilian integrated steelmaker Gerdau said late Friday it will invest BRL 6 billion ($1.13 billion) at its mills in Minas Gerais state over the next five years.
The investment includes HRC and structural profile expansion projects at its Ouro Branco mill, located in the city of same name in Minas Gerais state, as reported by SteelOrbis. Gerdau said it expects to generate 6,000 new job positions with the announced investment.
The BRL 6 billion ($1.13 billion) investment aim to support the company’s growth, help it update its technology and diversify its products, Gerdau said. The company will expand HRC capacity by 250,000 mt/year. The expanded capacity project should be completed by early 2024. It should also expand its structural profile capacity in Ouro Branco from 250,000 mt/year to 500,000 mt/year by 2025.
Gerdau said the BRL 6 billion ($1.13 billion) investment will also support the improvement of its environment and technology practices across all its Minas Gerais state mills.
Gerdau owns mills and businesses in the following cities in Minas Gerais state: Ouro Branco, Barão dos Cocais, Divinopolis and Sete Lagoas.