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Gerdau announces $50 million investment at St. Paul, Minnesota Mill
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New continuous caster will enable the mill to continue to focus on the world-class products
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Gerdau will invest $50 million to replace the continuous caster at its St. Paul, Minnesota mill. The investment will increase Special Bar Quality (SBQ) capacity by 100,000 short tons and increase the mill’s total capacity to 550,000 short tons.
“Our capital investment plan for the St. Paul mill is a result of our confidence in the North American markets,” says Andre B. Gerdau Johannpeter, chief executive officer (CEO) of Gerdau.
Replacement of the current continuous caster will enable the mill to continue to focus on the world-class products that are currently available to Gerdau customers. The new caster will also improve quality levels and add aluminum grain refined capabilities that are limited by the current casting equipment and practices.
The company expects the groundbreaking to occur in the second quarter of 2012 and anticipates project completion by early 2014, subject to federal, state and local regulatory and other approvals.
“This investment demonstrates our company’s commitment to the St. Paul area and helps us remain our customers’ supplier-of-choice for years to come,” said Guilherme Gerdau Johannpeter, president of Gerdau Long Steel North America.
As part of this announcement, Gerdau and USW Local 7263 have agreed to extend the contract from July 31, 2013 to July 31, 2015. Furthermore, the company received strong support from the Minnesota Chamber of Commerce throughout the evaluation process, and was offered state and local incentives from the State of Minnesota, the City of Saint Paul and the St. Paul Port Authority.
The company has also entered into an agreement with Xcel Energy that will help to enable the operations to remain competitive in the future. The agreement was reviewed by the Minnesota Department of Commerce and approved by the Minnesota Public Utilities Commission.
Gerdau is a leading producer of long steel in the Americas and one of the largest suppliers of special steel in the world. With over 45,000 employees, it has industrial operations in 14 countries - in the Americas, Europe and Asia - which together represent an installed capacity of over 25 million metric tons of steel per year. It is the largest recycler in Latin America and around the world it transforms, each year, millions of metric tons of scrap into steel, reinforcing its commitment to sustainable development in the regions where it operates. With more than 140,000 shareholders, the Company is listed on the stock exchanges of São Paulo, New York and Madrid.
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