ANDINA reported that Brazilian steel group Gerdau announced plans to invest USD 120 million in Peruvian steelmaker Siderurgica del Peru, or Siderperu, over the next three years.

Company executives Mr Jorge Gerdau and Mr Andre Gerdau made the announcement after meeting with President Peruvian Alan Garcia Wednesday in Lima.

Officials added the company is studying whether to invest an additional USD 480 million, depending on the development of the domestic and global steel markets, among other variables.

Gerdau said the new investment comes after it already put more than USD 156 million in Siderperu over the last four years as part of Gerdau taking over the steel making complex based in Chimbote, north of Lima.

(Sourced from Andina)