Mexican-based steelmaking group Simec, which also owns facilities in Brazil, plans to invest nearly $50 million (BRL 257 million) at its Cariacica mill in Brazil, a media report from Folha de Vitoria said.
Simec plans to expand and modernize its Cariacica facility, increasing capacity from 600,000 mt/year to 800,000 mt/year, while also generating an additional 100 jobs.
Simec should also install a degassing furnace for the treatment of gases, automatic casting equipment, and the upgrade of a rolling mill.
Simec bought the Cariacica facility from ArcelorMittal Brazil in 2018.