Global refractories producer RHI Magnesita, a company comprised of Brazil’s Magnesita and Austria-based RHI, plans to maintain its investment of $48.6 million (BRL 257 million) in Brazilian operations, despite the Covid-19 pandemic, said a media report from Diario do Comercio.
The investments are reportedly aimed at modernizing and expanding the company’s facilities in Minas Gerais state. Francisco Carrara, CEO at RHI Magnesita South America, said 50 percent of the total $48.6 million investment will be made in full-year 2020.
“We’re in the engineering project detailing phase. We’ve already bought the equipment, whose delivery has been confirmed. For now, the pandemic doesn’t change (our) planning,” the executive said.
RHI Magnesita expects to install the equipment by H2 2020.