Votorantim Steel Unit Gets BNDES Loan

Brazilian development bank BNDES has approved a BRL540m financing package for Siderurigica Barra Mansa, a unit of Grupo Votorantim, it said Tuesday. The funds represent 45% of the Barra Mansa steelmaking facility’s expansion project, in which it will add a second unit to add one million long tons per year in production capacity. A bank official declined to disclose the tenor and interest rate when contacted by LatinFinance.