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.
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.