Brazil’s Usiminas approves 1.38B reais in new investments

The board of Brazilian steelmaker Usinas Siderurgicas de Minas Gerais SA has approved roughly 1.38 billion reais ($344 million) in new capital expenditures, it said on Monday.

Usiminas, as the firm is commonly known, said in a filing it had approved 1.234 billion reais ($308 million) to be spent through 2022 to renovate its Alto Forno 3 unit. It also approved 143.9 million reais ($36 million) for the reconstruction of a gasmeter.

Both units are part of a major Usiminas complex in the city of Ipatinga.

($1 = 4.0128 reais)

(By Gram Slattery; Editing by Jeffrey Benkoe)