Mexican steelmaker Grupo Simec, which also owns mills in Brazil, said it will invest $300 million to double capacity at its Pindamonhangaba mill, located in the city of same name in the state of Sao Paulo.
The company said it will double crude steel capacity at the rebar and wire rod mill from 500,000 mt to 1 million mt by 2023, and the city hall of Pindamonhangaba said the company will generate 750 new job positions. The mill should commence expansion works sometime this year.
Simec has been operating its Pindamonhangaba mill for six years. The company also owns the Cariacica mill in Espirito Santo state and the Itauna mill in Minas Gerais state, apart from its Mexican operations. Simec bought the Cariacica facility from ArcelorMittal Brazil in 2018.