Brazil's Usiminas approves 1.38 bln reais in new investments

RIO DE JANEIRO, May 27 (Reuters) - The board of Brazilian steelmaker Usinas Siderurgicas de Minas Gerais SA USIM5.SA has approved roughly 1.38 billion reais ($344 million) in new capital expenditures, it said on Monday.

Usiminas, as the firm is commonly known, said in a filing it had approved 1.234 billion reais ($308 million) to be spent through 2022 to renovate its Alto Forno 3 unit. It also approved 143.9 million reais ($36 million) for the reconstruction of a gasmeter.

Both units are part of a major Usiminas complex in the city of Ipatinga.

($1 = 4.01 reais)

($1 = 4.0128 reais)

(Reporting by Gram Slattery; Editing by Jeffrey Benkoe)

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