Vale’s CFO, Luciano Siani, said in a meeting this week that his company is planning to reduce its 50% share of the undergoing steel plant project Companhia Siderurgica do Pecem (CSP).
He said his company is excited about the new mill because of the growing demand for steel in the northeast of Brazil, but the goal of the company is not to be a steelmaker but concentrate on mining sector.
The CSP project is a joint venture of Vale and South Korean steelmaker Dongkuk (30%) and POSCO (20%) which is scheduled to begin its operation by 2014.
According to the original plan, Vale will spend more than US$400 million on this project in 2013.
Source:
http://www.yieh.com/2.2.01.01stainlesssteelnews.aspx?no=62893&division=A9
