Brazilian flats steelmaker Usiminas has committed to invest BRL 219.8 million ($52.8 million) in mining and steel-related projects in Minas Gerais state, the local government said on Thursday.
The investment target does not change the company’s current investment targets for 2019 or 2020, Usiminas said. The investments will be made by Usiminas and its subsidiaries Unigal and iron ore producer MUSA.
The investment was announced as Usiminas, CEO Sergio Leite, and Minas Gerais governor, Romeu Zema, signed this week a protocol of intentions to secure the forecasted investments.
Usiminas did not specifically mention how and when it would use the funds, nor how long the investments would take. However, the company said it expects to generate 330 direct jobs in 2019 alone.