Brazilian flats steelmaker Usiminas has increased its Capex spending for 2020, the company said, with plans to invest BRL 1 billion ($229.4 million) during the year.
Usiminas had initially planned to invest BRL 1 billion ($229.4 million) in 2019 before changing its forecast to BRL 800 million ($183.5 million). However, the company’s Capex spending for the full-year 2019 was weaker than expected, totaling BRL 690 million ($158.3 million).
Additionally, in a separate securities exchange commission (CVM) document filing, Usiminas re-appointed Sergio Leite as the company’s CEO. Five other executives were appointed as well: Alberto Akikazu Ono (finance and investors relation vice-president), Americo Ferreira Neto (industrial VP), Yoshiaki Shimada (corporate planning VP), Kohei Kimura (technology and quality VP), and Miguel Angel Homes Camejo (commercial VP).