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Vale, Dongkuk and CSP Plan Construction of Brazilian Slab Plant
06/22/2009 - Vale, Dongkuk Steel and Companhia Siderúrgica do Pecém sign memorandum of understanding for construction of a 3 million ton/year steel slab plant in Brazil.
Vale S.A. has joined with South Korea’s Dongkuk Steel Mill, Co. and Companhia Siderúrgica do Pecém (CSP) to sign a memorandum of understanding (MOU) for construction of steel slab plant in Brazil. The MOU was signed with the Brazilian State of Ceará and the municipality of São Gonçalo do Amarante, State of Ceará, Brazil
The proposed steel slab plant will have an initial production capacity of 3 million tons per year, in line with the plans originally announced by VALE and Dongkuk in November 2008. Construction of a larger, 5 or 6 million tons per year slab plant had been the subject of a feasibility study that was announced earlier this year by VALE, Dongkuk and JFE Steel Corp.
The partners are estimating the capex to be disbursed by CSP at US$ 4 billion. Vale’s investment, which has not been determined, will be subject to Board of Directors approval.
Vale (formerly Companhia Vale do Rio Doce, or CVRD) is a global company with a mission to transform mineral resources into prosperity and sustainable development. Headquartered in Brazil, Vale has a workforce of over 100,000 employees, including outsourced workers.
