Vale to Expand Stake in New CSA Slab Plant
07/24/2009 - Vale and ThyssenKrupp Steel sign MoU for Vale to increase its stake in ThyssenKrupp CSA Siderúrgica do Atlântico to 26.87% through a capital infusion of € 965 million.
Vale SA and ThyssenKrupp Steel AG have signed a Memorandum of Understanding for Vale to increase its stake in ThyssenKrupp CSA Siderúrgica do Atlântico Ltda. (CSA) to 26.87% through a capital infusion of € 965 million.
CSA is building an integrated steel slab plant in the state of Rio de Janeiro, Brazil. Now expected to start up in the first half of 2010, the new plant is to have a nominal capacity of five million tonnes of slab per year. The project is considered to be the largest industrial investment under construction in Brazil in the last ten years and the first large steel mill built in the country since the mid-eighties.
CSA is building an integrated steel slab plant in the state of Rio de Janeiro, Brazil. Now expected to start up in the first half of 2010, the new plant is to have a nominal capacity of five million tonnes of slab per year. The project is considered to be the largest industrial investment under construction in Brazil in the last ten years and the first large steel mill built in the country since the mid-eighties.
Vale, which currently holds a 10% interest in CSA, had been considering the possibility of additional investment in order to secure completion of the project as well as a timely startup. As a strategic partner of ThyssenKrupp, Vale is also the sole and exclusive supplier of iron ore to CSA.
Vale’s additional investment in CSA is still subject to the approval of the Board of Directors of Vale and Supervisory Boards of ThyssenKrupp, among other conditions.
Vale’s additional investment in CSA is still subject to the approval of the Board of Directors of Vale and Supervisory Boards of ThyssenKrupp, among other conditions.
