It is reported that the Mexican group Simec will invest 1.3 billion Brazilian reais to expand its current unit in Itaúna and expand its operations of rolling, drawing and continuous casting in Brazil. The investment would be created 460 direct jobs, according to the Mexican group.
During the first two months of this year, Minas Gerais accounted for 31.6% of the total steel production in the country. The Simec group is one of the most important steel companies in North America, producing 3 million tons of steel per year, with plants in Mexico, United States and Canada. Currently its unit in Itaúna produces steel wire and derivatives.
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