Grupo Simec plans to double its annual steel output capacity to 1.25mn mt by 2023 at its Pindamonhangaba, Brazil, plant with a $300mn investment.
The Mexico-based company indicated in media reports on Friday that the expansion is slated to begin this year and will create 750 more permanent and 3,000 temporary jobs.
Grupo Simec’s Pindamonhangaba steelworks can recycle 625,000mt per year of rebar, in bar and roll, as well as wire rods, at present.
The company entered the Brazilian market in 2011 by acquiring the Pindamonhagaba steel company and has since added a couple more plants, in Cariacica and Itauna.