Mexican steelmaker Deacero has announced that it will invest MXN 12 billion ($593.59 million) to increase its annual steel production by around one million mt.
The company seeks to strengthen sustainable production to meet domestic demand, SteelOrbis understands.
MXN 6 billion of the investment will be spent this year, while the other half will be spent over 2023 and 2024.
The company will purchase buy heavy machinery and equipment with part of the given investment, while some of the investment will be spent for its sustainability processes.
Deacero currently has an annual production capacity of 4.5 million mt of steel.