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Brazil steel company invests $1.4 billion in Peru
Published in Saudi Press Agency on 01 - 09 - 2008


Brazilian steel company Gerdau S.A. will
invest US$1.4 billion in its Peruvian subsidiary, an effort
to transform Peru into a regional steel powerhouse that can
profit from Brazil's own building boom, according to AP.
The investment will boost yearly production at Gerdau's
Siderperu unit more than sixfold to 3 million metric tons
by 2013, enabling it to increase exports across Latin
America and ultimately to Asia, Gerdau CEO Andre Gerdau
Johannpeter said Monday.
Gerdau, Latin America's biggest steelmaker last year,
acquired an 83-percent stake in Siderperu for US$203
million in 2006. The unit now produces 450,000 metric tons
of steel annually at its main complex in the coastal
fishing town of Chimbote _ about 17 percent of Gerdau's
yearly output.
The expansion also will enable Siderperu to meet Peru's
entire domestic steel demand. Today, Peru must import half
the steel it needs, Johannpeter said.
The additional steel exports could eventually help close
Peru's trade deficit with Brazil, said Jorge d'Escragnolle
Taunay, Brazil's ambassador in Lima. Trade between the
neighboring nations reached US$2.2 billion last year, he
said.
Gerdau _ which started as a nail company in 1901 and now
operates in 10 Latin American countries as well as India,
Spain, Canada and the U.S. _ has already pledged US$122
million to improve environmental standards at the Siderperu
plant.
Siderperu's workforce is expected to double to 4,250, and
4,000 temporary construction jobs will be created as well.
Gerdau shares rose 0.7 percent to 30.55 reals (US$19.09)
in Monday afternoon trading on Brazil's Bovespa exchange in
Sao Paulo. The company's U.S.-traded shares were not moving
in New York, where markets were closed for the U.S. Labor
Day holiday.


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