Mexico's Grupo Simec signs protocol of intentions to invest $337 million in Brazil

Tuesday, 02 April 2019 00:14:49 (GMT+3)   |   San Diego

Mexican steelmaker Grupo Simec plans to invest a combined BRL 1.3 billion ($337.3 million) in Minas Gerais state in the next few years, a government news agency said.

Grupo Simec and Minas Gerais state representatives signed a protocol of intentions, so the steelmaking group can expand its existing Itaúna mill, in the city of same name in the state, and further expand its Brazilian business.

Grupo Simec expects to create an additional 460 jobs, a Minas Gerais state government news agency said. Grupo Simec has an overall capacity of 6 million mt/year at its mills in Mexico, Canada and the US.

USD = BRL 3.85 (April 2)

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