Vale Plans to Reduce Its 50 Percent Shareholding in Companhia SiderúRgica Do PecéM

Brazilian miner Vale plans to reduce its 50 percent shareholding in Companhia Siderúrgica do Pecém (CSP), a slab making joint venture with South Korean steelmakers POSCO (20 percent) and Dongkuk (30 percent), according to Brazilian media reports. It is not clear that what Vale's future participation will be in the joint venture.

In late 2012, Vale announced a capital and research and development expenditures budget of $16.3 billion for 2013.

As SteelOrbis previously reported, construction started in July 2012 at Companhia Siderúrgica do Pecém which is scheduled to produce 3 million mt of slab per year. The construction is expected to be completed in August 2015.