The Costa Rica News (TCRN) – Belgium’s Bekaert acquired a 73% stake in the manufacturing company, ArcelorMittal which makes steel wires in Costa Rica, and said it will invest $20 million next year in a new plant.

The Costa Rican Coalition for Development Initiatives (CINDE), promoting foreign investment, said Wednesday in a statement that with the arrival of Bekaert, the plant will change its name to Costa Rica BIA Wires SA.

This site will be dedicated to the production of Dramix, a steel fiber designed and patented by Bekaert to reinforce concrete floors in industrial projects and buildings, as well as applications such as tunnels and mines pits.

The plant will be located in the community of Orotina, Alajuela Province, located about 80 miles southwest of San Jose, and will open its operations in the second quarter of 2014.

According to the statement, the decision to build a plant to manufacture Dramix in Costa Rica “illustrates the strong belief (of the company) in continuous growth opportunities for innovative products in the construction sector in Latin America.”

According to the statement, the Belgian company in Latin America currently employs some 7,700 people and has operations in Brazil, in partnership with ArcelorMittal, as well as other partners in Ecuador, Venezuela, Colombia, Chile and Peru. (EFE)

The Costa Rica News (TCRN)

San Jose Costa Rica