December 03, 2008

CVRD and Baosteel ink MoU for slab plant at Anchieta in Brazil

Companhia Vale do Rio Doce announced that it has signed a MoU with Baosteel Group Corporation to build a steel slab plant with an initial production capacity of 5 million tons per year. In the beginning of the plant construction, CVRD will hold a participation of 20% and Baosteel will hold up to 80%.

The plant will be located in the industrial district of Anchieta in the state of Espirito Santo of Brazil is expected to generate 3 thousand direct jobs when it starts operating.

CVRD release said that “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.”