Finance / Brazil
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Vale Continues To Invest In Steel
June 2008 | M&A News AlertSorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
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Brazilian mining and metals giant Val do Rio Doce's CEO Roger Agnelli announced on May 03 that Vale, the world's biggest iron-ore producer, will build a steel mill in Brazils Pará state 'with or without a partner'. The project will be part funded by BNDES, the Brazilian National Development Bank, though at present the cost remains 'undefined'. Speaking to reporters at a steel conference in Rio de Janeiro, Agnelli told reporters that the facility would eventually have the capacity to produce 2.5mn metric tons of steel a year.