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Brazilian steelmaker Gerdau SA said on Wednesday its capital expenditure is expected to rise in 2023 driven by maintenance and expansion projects, as well as technological updates, as its fourth quarter results came in below estimates. The company said capex is set to reach 5 billion reais ($955.55 million) this year, up from 4.3 billion in 2022, with most of that money being injected into operations in the state of Minas Gerais. Gerdau had stated in late 2022 it would soon disclose plans to renovate the No.1 blast furnace of its plant in the Minas Gerais town of Ouro Branco, a project that its chief executive said at the time would take a total 10 years.