Brazilian flats steelmaker Usiminas confirmed it aims to spend BRL 300 million (approximately $100 million) in Capex in 2017, it said on a filing at the country’s securities exchange commission, CVM.
The Capex for the ongoing year is slightly higher than the BRL 225 million it spent on Capex in 2016. According to Usiminas, the investments in Capex for 2017 are expected to maintain its operations.
Usiminas clarified the BRL 300 million Capex for 2017 isn’t a company estimate, but an “internal management goal,” which its management team expects to accomplish.
Usiminas also said it expects to have about BRL 700 million in financial expenses this year.