Brazilian steelmaker Gerdau will invest around 1 billion Reais ($179 million) to modernize and expand production capacity at its special steel division in Brazil amid an expected recovery in demand from both the automotive and capital goods industries, the company said on Monday April 19.
The bulk of that investment is aimed at its unit in Pindamonhangaba, in southeastern S??o Paulo state. Gerdau announced in November 2018 it would spend $140 million to increase crude steel capacity in Pindamonhangaba to 1 million tonnes per year (tpy) from 620,000 tpy.New continuous casting equipment at that unit is expected to start-up in August 2022 and, in addition to expanding capacity, will allow for a technological update that...