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Brazilian steelmaker Usiminas' capital expenditure is set to grow in the coming quarters.
VP Ronald Seckelmann told analysts on a call to discuss the steelmaker's 1Q17 financial results that the company will maintain its capex guidance for the year.
"We estimate our expenditures to reach 300mn reais (US$94.8mn) in 2017, meaning we will have larger disbursements in the remaining months," Seckelmann said.
The steelmaker said in an earnings release that it invested 23mn reais in the first quarter, compared with 67mn reais and 70mn reais in 4Q16 and 1Q16, respectively.
Usiminas' capex breakdown in the quarter was 77% on steel, 11% on mining, 9% on capital goods and 3% applied to steel processing, it said.