Bnamericas reported that Mexican steelmaker Grupo Simec unveiled a plan to invest USD 50 million in the expansion and modernization of its Brazilian operations. The investment plan was presented during an online meeting between state governor Renato Casagrande and Simec’s CEO in Brazil Mt Jaime Moncada Ramos. Mr Moncada said “The USD 50 million will be invested in expanding the melt shop and modernizing the rolling mill. The investment will increase the group's production capacity in Brazil to 1.3 million tonnes per year of crude steel, in the form of billets, and to 1,050 million tonnes per year of rolled products.”
In 2018, Simec acquired two Brazilian plants from ArcelorMittal, in Cariacica and Itauna.