Austria-based plantmaker Siemens VAI Metals Technologies has announced that it will revamp the Brazilian steel producer Gerdau S.A.'s flat bar mill in Mogi das Cruzes, São Paulo.
The Mogi das Cruzes plant with an annual output capacity of 260,000 mt produces long rolled products for the construction industry. After the revamp, the plant will roll flat bars with widths between 50 and 106.6 mm and thicknesses from 5.4 to 51 mm.
The plant is scheduled to resume production in early 2013, following the revamp.
Meanwhile, after a meeting of its board of directors, Gerdau announced that it will buy back up to 2,693,000 of its own preferred shares, representing approximately 0.31 percent of the company's preferred share free float, as of January 12, inclusive, until January 20, 2012, at the latest.