Although ThyssenKrupp stated in August that it planned to invest up to BRL 450 million (US$197.4 million) in Brazil between 2013 and 2016, reports this week indicate the company has adjusted that figure to BRL 2 billion ($814.1 million).
The amount accounts for 10 percent of the company’s global investments and shows the confidence the company has in the country, Michael Höllermann, president of ThyssenKrupp in Brazil said.
According to local media, about BRL 400 million ($162.8 million) per year will be directed to ThyssenKrupp’s 14 existing units in Brazil, as well to new lines of product that may exist in the country.
The $814.1 million expected investment includes the maintenance of Companhia Siderurgica do Atlantico (CSA).
Walter Medeiros, president at CSA, said ThyssenKrupp’s subsidiary should increase its output by 10 percent in 2015, reaching a 4.5 million mt/year capacity.