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.