Mexican steel producer Simec will invest an estimated $300 million in its Brazilian subsidiary located in Cariacica, in the southeastern state of Espirito Santo.
According to local press, the main items of the investments are a new rolling mill, the substitution of the continuous caster and a new vacuum degassing system, and replacing and updating the technology of the plant, which dates from the 1990s.
The investment will include secondary items such as the construction of a new building for the steel conversion area and improvements in the internal roads of the plant.
The new caster, which is expected to start operations in 26 months, will allow for the production of specialty steel grades.
In Brazil Simec also owns a steel plant in Pindamonhangaba, in the state of São Paulo. Both plants produce long steel products.