Gerdau will expand production at its steel plant in Ouro Branco, Brazil, as part of a BRL6bn ($1.14bn) investment plan in Minas Gerais, the company indicated in a statement on Monday.
The revamping at Ouro Branco will focus on increasing hot rolled coil production to 250,000mt per year while adding 500,000mt per year to H-beams production.
However, the Brazilian steelmaker emphasized that this investment in Minas Gerais will create around 6,000 direct and indirect jobs.
Gerdau stated that the investment will reach other links of its production chain, including steel production, mining, renewable energy, reforestation, environmental practices, and technological modernization.
Moreover, the company will also carry out renovations at its plants in Barao de Cais, Divinopolis, and Sete Lagoas, reported Gustavo Werneck, president, Gerdau.
($1=BRL5.24)