Gerdau shines in North America; plans more investments

May 03, 2012 | 05:32 PM |

Tags  Gerdau earnings, investment, steel, Michael Cowden

TORONTO — Gerdau SA plans to boost investments at its U.S. operations in order to meet increased demand for specialty steels, the company said in releasing its quarterly results.

The Porto Alegre, Brazil-based steelmaker said it invested 691 million reais ($361.8 million) in fixed assets in the first quarter of 2012, of which 70 percent was invested in Brazil.

In the U.S., Gerdau said it planned to install new continuous casting equipment at its steel mill in St. Paul, Minn. The investment of 91 million reais ($47.6 million) is expected to boost capacity by 90,000 tonnes per year, bringing total annual capacity to 500,000 tonnes.....

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