October 12, 2008

Brazil approves Baosteel and Vale slab JV

It is reported that Baoshan Iron & Steel Co Ltd has received approval from Brazil's anti monopoly authority to built a USD 3 billion joint venture steel plant with Vale.

As per report the venture, Baosteel Victoria Iron & Steel Co Ltd in the southern Brazilian state of Espirito Santo, will be Baosteel's first steel mill outside China.

Construction on the first phase of the project will begin in 2009 and production will start in 2011.