The decision responded to requests from the sector, which reached the Government in a context of surplus global steel production.

Representatives of the Brazilian steel sector have announced an investment of US$ 19,563 million in the expansion of the productive structure in the country over the next five years.

The announcement, made together with President Luiz Inácio Lula da Silva and the Vice President and Minister of Development, Industry, Commerce and Services, Geraldo Alckmin, has occurred after a series of measures adopted by the Brazilian Government to strengthen and provide competitiveness to the national steel industry.

For Alckmin, the announcement responds to two of the Government's objectives, which are to increase investments in Brazil and improve competitiveness. Highlighting the permanent dialogue with the productive sector, the minister listed a series of government actions to strengthen the national steel industry.

Among the government measures that encouraged the steel sector to make new investments in Brazil is the recent creation of import quotas for 11 steel products, for 12 months.

According to a deliberation by the Executive Committee of the Chamber of Foreign Trade (Gecex), taken in April, within the quotas, international purchases continue to collect between 10.8% and 14.4% of the import tax; Above the limit, the tariff increases to 25%.

The decision responded to requests from the sector, which reached the Government in a context of surplus global steel production.

The president of the National Confederation of Industry, Ricardo Albán, equated the announcement of the steel sector with the investments planned for the automotive sector, following the launch of the Green Mobility and Innovation program, Mover, at the end of 2023.