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Brazilian steelmaker Usinas Siderurgicas de Minas Gerais SA reactivated a blast furnace on Tuesday and announced plans to raise domestic steel prices in June, but executives warned that new investment would depend upon political developments.

Shares of the company, known as Usiminas, rose over 2 percent on Tuesday on the outlook for stronger steel demand, driven by a growing recovery in Brazil’s auto industry.

The reactivated furnace in the state of Minas Gerais has the capacity to process 650,000 tonnes of pig iron annually.

Chairman Elias Brito told journalists that Usiminas was working out a long-term investment plan that would depend on the outcome of Brazil’s general elections in October.