Brazilian steelmaker MRX Siderúrgica Norte Brasil, part of grupo Cearense, will invest BRL30mn ($5.49mn) to build a mill in Barrolândia, Tocantins.
According to media reports, the mill’s construction will begin in the first half of 2021. The production targets or capacity of this new mill have not been disclosed.
MRX has a consolidated production capacity of 380,000mt per year and produces steel products that are mainly sold for domestic consumption. The company did not disclose a date to start the new mill but noted that the operations would generate 100 direct jobs.
Brazil’s crude steel output fell by 4.9pc to 30.9mn mt in 2020, from 32.5mn mt in 2019, according to the latest data from the Brazilian Steel Institute (Aço Brasil). However, in December 2020, Brazilian crude steel production rose by 17.2pc to 2.8mn mt, from 2.4mn mt in December 2019.