Brazilian steelmaker Gerdau plans to invest $210 million in its special steels division to increase production and benefit from future demand from the automotive industry and the oil and gas sector, the company said on Thursday November 22.
Gerdau's Pindamonhangaba plant, in Brazil's S??o Paulo state, will have $140 million of capital expenditure, while $70 million will go to its mill in Monroe, in the US state of Michigan."We will build a new continuous casting unit in the [Pindamonhangaba] plant, focusing on the auto and oil and gas markets," Gerdau chief executive officer Gustavo Werneck said. "This is a bet on what is called 'clean steel' - lighter and more resistant products for these industries, and especially for electric and hybrid cars."Demand for special steel will reach 1.01 million tonnes in Brazil during 2019, up from 940,000 tonnes this year, Gerdau has estimated...