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Dongkuk, Posco, Vale Announce Start of Construction for CSP Project
08/25/2011 - Posco, Dongkuk Steel, and Vale recently held a ceremony for the completion of a multipurpose port for the Pecém Industrial and Port Complex and starting operation of the material handling conveyor belt.
Posco, Dongkuk Steel, and Vale recently held a ceremony for the completion of a multipurpose port for the Pecém Industrial and Port Complex (CIPP) and starting operation of the material handling conveyor belt.
This event was hosted by Brazil’s Ceará State to announce the main construction of the steel mill by the three companies. Brazilian President Dilma Rousseff, Dongkuk Steel Chairman Se-ju Chang, Vale CEO Murilo Ferreira, and Posco Executive Director Ki-hong Park attended the event.
The 760-m long, multipurpose port can anchor two large vessels and has a loading/unloading capacity of 750,000 containers.
Through Companhia Siderúrgica do Pecém (CSP), the joint venture between Posco, Dongkuk Steel, and Vale, an annual 3 million-tonne scale furnace will be constructed on 990 hectares of land within the CIPP by 2015. The ground work is currently being laid while facility construction is expected to start soon.
This steel mill is said to be the first in which everything from materials to finished steel products are absorbed by its shareholder companies, with Vale providing iron ores, technology support for construction provided by Posco, and Dongkuk Steel in charge of purchasing slabs that are the final products. Posco, Dongkuk Steel, and Vale hold 20%, 30%, and 50% of the shares, respectively.
Rousseff said, “I expect the steel mill constructed within the Pecém Industrial and Port Complex to become a bridgehead for the development of Brazil’s northeast region. The federal government of Brazil will provide its full support until the steel mill starts operation.”
