Brazil's Usiminas to invest over US$600mn in 2023

Brazilian steelmaker Usiminas is planning to invest 3.2bn reais (US$615mn) in its operations this year.

The planned capex is higher than the 1.8bn reais invested in 2022, when the level represented an increase of 54.1% from 2021.

Of this year’s total, 2.6bn reais will be invested in the steel unit and 500mn in mining arm Mineração Usiminas, the company said in a statement.

Usiminas expects to sell between 8.5Mt and 9Mt of iron ore this year.

EARNINGS

The company reported a net profit of 2.09bn reais last year, down from 10.1bn in 2021.

Usiminas attributed the reduction to lower revenues and higher costs, among other factors.

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