It is reported that central China based steel giant Wuhan Steel would strengthen strategic cooperation with Brazil EBX Group following a two day in depth talk about iron ore and steel projects.

The cooperation comes after Mr Paulo Gouvea the head of EBX delegation, visited Wuhan Steel along with Mr Roger Downey CEO of MMX and Mr Otavio Lazcano CEO of LLX.

EBX elaborated MMX project and analyzed its advantages in logistics and transportations. The company once cooperated with Wuhan Steel in iron ore exploitation, steel project construction and steel supply.

Wuhan Steel inked an agreement with EBX to spend USD 400 million to become MMX second biggest shareholder on November 30th 2009. MMX is said to have started iron ore shipment to Wuhan Steel on June 29th 2010. The materials are expected to arrive in early August.

Besides EBX also plan to jointly build a 5 million tonnes steel mill in LLX industrial park with Wuhan Steel. The latter will hold 70% of the shares with the rest 30% going to EBX or its subsidiaries.

Early in this April Wuhan Steel and EBX signed a strategic cooperation agreement which has been listed into Sino-Brazil Joint Communiqué.

(Sourced from www.Mysteel.net)
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