Luxembourg headquartered global stainless steel leader Aperam’s Latin American subsidiary Aperam South America will invest BRL 588 million (USD 120 million) in its operations in the Brazilian state of Minas Gerais to update the entire hot strip lamination process at the Timóteo plant, with the acquisition of a new boiler and modernization of all electrical and automation parts for expanding product portfolio of existing capacity of 900,000 tonnes. Meanwhile, the investment in Aperam BioEnergia's operations will go to maintaining the sustainable production of charcoal, seedlings and seeds developed with advanced forest genetic improvement technology. The company has been investing in its Minas Gerais units since last year to modernize them and allow for the production of green steel, using charcoal as reductant for the production of crude steel in the Timoteo plant.Aperam South America, old Acesita and ArcelorMittal Timóteo, is the biggest Brazilian manufacturer of specialty steels. Headquartered in Belo Horizonte in Minas Gerais, the company is a supplier of stainless, silicon and special carbon steels. Aperam South America's steel market share in Brazil is estimated to be 90%, and it is the only stainless steel maker in Latin America. The company's main plant, at Timóteo in Minas Gerais, has an installed production capacity is 900,000 tons of steel per year. The company also mines iron ore.Aperam South America, then known Acesita, was founded in 1944 and privatized by the Brazilian government in 1992. The French steel maker Usinor, now part of ArcelorMittal, took a controlling stake in Acesita 1998. In 2007, ArcelorMittal announced the rebranding of Acesita to ArcelorMittal Inox Brasil. The company's stock is traded on Bovespa, where it is part of the Ibovespa index. However, ArcelorMittal announced it would buy out all public stock of ArcelorMittal Inox Brasil, and make it a wholly owned subsidiary. In January 2011, was incorporated by the Aperam, changing its name to Aperam South America.ArcelorMittal’s spin off Aperam is a global player in stainless, electrical and specialty steel with capacity of 2.5 million tonnes in Brazil and Europe. In 2021, Aperam had sales of EUR 5,102 million and steel shipments of 1.82 million tonnes. Aperam has a unique capability to produce stainless and special steels from low cost biomass, charcoal made from its own FSC-certified forestry. With ELG, Aperam is also a global leader in collecting, trading, processing and recycling of stainless steel scrap and high performance alloys, delivering about 1.2 million tonnes of materials annually.