Posted in | News | Ferrous Alloys and Metals | Iron and Steel

CVRD and Baosteel to Build Steel Plant in Brazil

Jul 19 2007

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Companhia Vale do Rio Doce (CVRD) announces that it has signed a letter of intention with Baosteel Group Corporation, the largest Chinese steelmaker, and the state government of Espirito Santo, Brazil, to build a steel slab plant with an initial production capacity of 5.0 million tons per year.

The plant will be located in the industrial district of Anchieta, state of Espirito Santo, Brazil.

This initiative is consistent with CVRD´s strategy of attracting new investments in the steel industry in Brazil, thereby increasing iron ore consumption and promoting job generation and income growth in the country. This support may take place via long-term contracts to supply high-quality iron ore and/or minority equity stakes.

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