ArcelorMittal Gonvarri Brasil Produtos Siderúrgicos has signed a protocol of intentions with the state government to install a steel plant in Rio Grande do Sul, Brazil.
The plant will be installed in the municipality of Glorinha at a cost of BRL52.5mn ($10.1mn) by 2022 and will generate 100 direct jobs, the government of Rio Grande do Sul said in a statement on Dec 21 without disclosing the capacity of the plant. The government has pledged a tax break to incentivize the facility.
ArcelorMittal Gonvarri Brasil is a joint venture between ArcelorMittal and Gonvarri Steel Services, formed in 2008. It produces steel plates, slitters, and components for the automotive, machinery and equipment, construction, agricultural, household appliances and packaging industries.
Brazil’s crude steel output increased by 11.2pc to 2.95mn mt in November from 2.65mn mt in the same month last year. Rolled steel production also rose by 9.6pc to 1.94mn mt from 1.77mn mt in the same period under comparison, according to data from the Brazilian Steel Institute (Aço Brasil).
($1= $5.21)