The Brazilian government will allocate 100 billion Brazilian reais (US$19.5 billion) over the next five years to develop the steel industry. This was announced by the country’s President Luiz Inacio Lula da Silva and Minister of Industry, Trade and Services Development Geraldo Alckmin. The head of the relevant department said that this initiative is part of the authorities’ efforts to support the steel industry.

“Previously, 130 billion Brazilian reais was allocated to the auto industry, and now we are investing 100 billion reais in the steel industry,” the president wrote in a social media post. The country’s authorities expect that financing the industry will lead to increased competitiveness, better compliance with decarbonisation requirements and growth in jobs and income. This is reported by
Brasil 247, a partner of TV BRICS.

At the end of April, the government announced an increase in import duties on 11 types of steel products from 11 per cent to 25 per cent. In this way, the country is strengthening the defence of local steelmakers against the influx of cheap steel from abroad.

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