Guadalajara, Mexico-based Grupo Simec, a steel manufacturer for the construction and automotive industry, announced Thursday that it plans to invest over $500 million in a new rebar and wire rod mill in Sao Paulo, Brazil. The steelmaker already has operations in Mexico, the US and Canada.
The mill will be built over the next 20 months and will begin operations in the latter half of 2013. In its first phase, the plant will have over 500,000 tons of annual production capacity.