Gerdau to quadruple longs production at Peruvian mill

In a statement Thursday, Gerdau SA said that it will invest $253 million to expand production at its Peruvian plant Empresa Siderurgica del Peru SAA or Siderperu. The investment will increase production capacity of long products at the mill to 1.2 million tons a year, four times more than the current rate of 300,000 tons. Gerdau indicated that its "confidence" in the Peruvian steel industry determined the multi-million dollar investment.