Brazil's Usiminas boosts spending

Businessweek: "Brazilian steelmaker Usiminas said Thursday that it will invest as much as $4.7 billion to boost annual steel production, including a 2.2 million metric ton expansion at its Ipatinga steelworks.

Usinas Siderurgicas de Minas Gerais SA said in a regulatory filing that the company's board approved the Ipatinga expansion in central Brazil at a cost of $2 billion.

Construction will start immediately, with completion expected in 2010 or 2011, Usiminas said."