ID :
66412
Thu, 06/18/2009 - 17:08
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Shortlink :
https://oananews.org//node/66412
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Dongkuk Steel-led venture signs MOU with Brazilian state over steel plant
SEOUL, June 18 (Yonhap) -- Dongkuk Steel Mill Co., South Korea's third-largest steelmaker, said Thursday that its venture with Vale SA, the world's biggest iron-ore producer, has signed a memorandum of understanding with a Brazilian state to build a steel plant there.
According to the company, the plant will be built in the northeastern state of
Ceara in the South American country for 2 trillion won (US$1.58 billion). Last
year, Dongkuk Steel and Brazil's Vale agreed to launch the joint venture, called
CSP, to proceed with the project.
The plant, when completed, will produce up to 6 million tons of steel a year,
according to Dongkuk Steel.
"The signing indicates that our project there is going smooth," said an official
at Dongkuk Steel, adding that it remains unclear when construction will start.
Earlier, Dongkuk Steel said JFE Steel Corp. of Japan may join the project.
According to the company, the plant will be built in the northeastern state of
Ceara in the South American country for 2 trillion won (US$1.58 billion). Last
year, Dongkuk Steel and Brazil's Vale agreed to launch the joint venture, called
CSP, to proceed with the project.
The plant, when completed, will produce up to 6 million tons of steel a year,
according to Dongkuk Steel.
"The signing indicates that our project there is going smooth," said an official
at Dongkuk Steel, adding that it remains unclear when construction will start.
Earlier, Dongkuk Steel said JFE Steel Corp. of Japan may join the project.
