Gerdau to Invest $120 Million in Peru Steel Mill, Andina Says

Gerdau SA will invest $120 million to upgrade its Peruvian unit over the next three years, state news agency Andina reported.

The company is studying a $480 million expansion of Empresa Siderurgica del Peru SA, Andina said, citing Chief Executive Officer Andre Gerdau Johannpeter, who met today with Peruvian President Alan Garcia in Lima.

The company, which has invested $156 million in Peru since 2006, postponed expansion plans announced in 2008 due to the global crisis, the agency said. The steel market is “gradually recovering,” Andina cited Gerdau as saying.

To contact the reporter on this story: Alex Emery in Lima at aemery1@bloomberg.net

To contact the editor responsible for this story: Dale Crofts at dcrofts@bloomberg.net.

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