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Grupo Simec to Invest in New 500,000 TPY Plant in Brazil
11/11/2011 - Grupo Simec announces plans to invest more than USD $500 million in a Greenfield plant in Brazil that will have an annual capacity of 500,000 tonnes in its first stage.
Grupo Simec, S.A.B. de C.V. announced plans to invest more than USD $500 million in a Greenfield plant in Brazil that will have an annual capacity of 500,000 tonnes in its first stage.
Grupo Simec will carry out the investment through its California subsidiaries Simec Steel and Simec USA. The company intends to finance the project through its own resources, from the reinvestment of profits.
The company said the construction process will take 20 months, with plant operations for the first stage expected to start the second semester of 2013. Two additional stages are also planned for the future.
The company said that it analyzed a number of different projects intended to help the company grow internationally before selecting this one. The company also noted that investment projects are also ongoing at its Mexican plants.
Based in Guadalajara, Mexico, Grupo Simec, S.A.B. de C.V. manufactures, process and distributes a wide range of special bar quality (SBQ) and structural steel products, primarily in the United States, Mexico, and Canada, with additional operations in Latin America, Europe, and Asia. Products, which include I-beams, channels, angles, flat bars, rebars, cold finished bars, wire rods, semi-finished tube rounds, other semi-finished trade products, and hot rolled bars, are sold primarily to the construction, appliance, and automotive sectors. The company is a subsidiary of Industrias CH, S.A.B. de C.V.
