Brazilian flats steelmaker Usiminas has reduced its Capex spending estimate for this year, according to a recent document filing. Earlier this year, Usiminas said it would spend BRL 1 billion ($187.5 million) in 2020.
However, as the company unveiled its Q2 results lats week, it said Capex spending this year would reach BRL 800 million ($150.1 million), 20 percent down from its earlier estimate.
Late last week, CEO Sergio Leite said Usiminas would gradually resume activities at its No. 1 blast furnace and No. 1 steelworks at its Ipatinga mill, in the state of Minas Gerais. Leite also said the company would resume rolling mills at its Cubatao mill, in the state of Sao Paulo.
According to Leite, both its No. 1 blast furnace and its No. 1 steelworks at the Ipatinga mill would gradually resume activities in the first half of August.
Leite said the equipment would resume as fast as the post-Covid-19 recovery takes place.