Brazil's Gerdau announces US$1bn capex increase through 2027
Brazilian steelmaker Gerdau is planning to disburse an additional 5.8bn reais (US$1.07bn) under its capex plan until 2027.
The company had planned capex of 9.2bn reais, of which 3.4bn reais have already been spent, the company said in a presentation for investors.
The capex is for the operations of Gerdau and its Metalúrgica Gerdau arm.
The planned capex represents "a new vision disregarding projects already completed; inclusion of downstream projects in North America; and the readjustment of forestry investments based on the mothballing of the Barão de Cocais and Sete Lagoas mills," the company said in a statement.
Steel companies in Brazil have been expanding capex plans amid stiff competition from Chinese imports.
Porto Alegre-based Gerdau is the largest long steelmaker in the Americas.
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