Brazilian steelmaker Gerdau's specialty steel business in Brazil and the United States accounted for 16.7% of the net revenue of steelmakers in the third quarter.

Gerdau invested R$550 million in the Pindamonhangaba plant to increase its production of specialty steel and will use a new continuous casting system, which was expected to increase its existing capacity from 600,000 tons to 1 million tons.

This investment also represented the company's optimism about the Brazilian economy.

Gerdau also expected to renovate its Ouro Branco blast furnace in Minas Gerais by 2022.