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Siderar to invest more than US$250mn in 2014 - CEO

Bnamericas Published: Tuesday, December 24, 2013

Argentine flat steel producer Ternium Siderarwill invest more than US$250mn in its projects in 2014, CEO Martín Berardi said in an interview with local radio station Radio U.

The company is currently "adjusting" its spending plans for the year, which will be voted on by the board in February, and expects to maintain investment at a similar level to that in 2013, which is "certainly going to be higher than US$250mn," Berardi said.

CONTINUOUS CASTING LINE

The company expects to launch a new continuous casting line in Argentina in February, he added. Electromechanical assembly of the project was completed in December, with commissioning planned for January and February before increasing production in March.

Completion of the project will represent a turning point for the company's steelworks, Berardi said.

OUTLOOK

While there is "uncertainty" ahead for the steel sector, the company is "moderately optimistic," and "in the long term we see that we have to continue growing," he added.

Siderar, Argentina's largest steelmaker, is a subsidiary of Luxembourg-based steel group Ternium, and manufactures and processes a wide range of flat and steel products for customers in the construction, home appliances, container, food, energy and automotive markets.

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