Brazil’s steel industry has announced a bold $20 billion investment plan by 2028, signaling a significant boost to the country’s economic growth. This initiative focuses on promoting competitiveness, advancing green manufacturing practices, and creating new job opportunities.
The announcement, made at the Presidential Palace of Planalto by President Luiz Inácio Lula da Silva and Vice President Geraldo Alckmin, outlined the industry’s strategic direction for the next five years. The commitment follows recent government actions such as import quotas on various steel products and a 25% tax on excess imports.
In addition to the steel sector’s investment, President Lula highlighted the New Growth Acceleration Program aimed at revitalizing the economy. Vice President Alckmin emphasized the importance of these investments in enhancing competitiveness, sustainability, and job creation.
Despite operating at half its capacity and producing below its full potential output, the Brazilian steel industry aims to modernize and position itself as a leader in the global steel market, focusing on sustainability in a competitive global economy.