ArcelorMittal Restarts $330 Million Brazil Investment Program
August 15 2018 - 9:59AM
Dow Jones News
By Nathan Allen
ArcelorMittal (MT.AE) said Wednesday that it will resume a $330
million expansion project at its Vega plant in the Brazilian state
of Santa Catarina.
The steelmaker said it plans to build a new continuous annealing
line and a new galvanization line at the plant, which will increase
its production of specialized grades for the automotive,
construction and home-appliance industries.
Total capacity at the site will increase by 700,000 metric tons
per year to 2.1 million tons per year, the company said.
Benjamin Baptista Filho, president of ArcelorMittal Brazil, said
demand for Vega's products outstrips the current production
capacity.
"We could be selling more," he said.
ArcelorMittal put earlier plans for the expansion on hold in
2011, citing the recession in Brazil, which weighed on local demand
for vehicles.
Around 50% of the steel produced at Vega goes to the automotive
industry, the company said.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
August 15, 2018 10:44 ET (14:44 GMT)
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