It is reported that the mining giant Vale is going to decrease the investment on the its 50% stake in Brazil's Companhia Siderúrgica do Pecém steel plant, a joint venture between Vale, the largest Brazilian supplier of iron ore, Korean Donguk Steel and POSCO, as the goal of second largest mining company in the world is not to become a steelmaker as per the top official of Vale S.A.
The collaboration venture currently being built in northeastern Ceará state, CFO capable of handling 3 million tons annually, to be located in Ceara, in the Pecem province in North-Eastern Brazil, and due to be completed by 2015.
Source:
http://www.yieh.com/2.2.01.01stainlesssteelnews.aspx?no=62922&division=A9
