Mexico’s steelmaker Grupo Simec has acquired the Itaúna long steel rolling mill in Brazil.
The Itaúna steel plant, which is located in the state of Minas Gerais, will be transferred to Simec in August 2022, according to a media report.
Grupo Simec did not respond to queries from Davis Index about the transaction.
This acquisition is part of the company’s plans to expand its operations and increase its steel capacity in Latin America this year.
Besides owning the Itaúna mill in the South American country, the Mexican steelmaker has three other steel plants in Brazil, which produce wire rod, rebar, billet, beams, channels, commercial and structural steel, and rod angles.
In 2019, the three steel plants in Brazil produced 671,189mt of billet and 662,214mt of finished steel products, according figures from Simec.
Grupo Simec produced 622,000t (564,268mt) in the first quarter of this year, up by 5pc compared to the same period last year. Of this amount, 398,000mt correspond to steel profiles and 224,000mt to special steel products, according to Simec.