Brazilian flats steelmaker Usiminas said on Friday it expects to spend BRL 2.05 billion ($395.07 million) in Capex in 2022, aimed mostly at the company’s steelmaking business.
Out of the expected BRL 2.05 billion ($395.07 million) forecasted Capex, Usiminas will spend BRL 1.65 billion alone (about $317 million) in steel-related projects, including resuming a blast furnace, as well as sustainable health and environmental initiatives.
The company will spend another BRL 350 million ($67.39 million) at its iron ore business, and BRL 50 million ($9.63 million) at its industrial transforming business.