Industry heads to North-East Brazil

Date added: 30th June, 2008 at 14:45 (view all articles from June, 2008)

Categories: Economy

One of Brazil's largest steel producers has revealed that it is planning to invest in North-East Brazil.

Bloomberg reported that Companhia Siderurgica Nacional will spend $6 billion (£3 billion) on building and expanding a steel plant that would produce 3.5 million metric tons annually within six years.

The company said that it believes work will start on the plan in 2009 and added that it would be located close to the city of Recife in North-East Brazil.

The news agency cited a local paper, the Estado de Sao Paulo, which reportedly added that the new plant will be able to produce around ten per cent of the nation's steel.

Earlier this month, Brazil's state-owned oil company Petrobras revealed that it was also pushing ahead with to invest in North-East Brazil.

The company, which many believe could become the largest in the world in the near future, revealed that it would build a new refinery in the North-East of Brazil.

A top official revealed the company could put as much as $11 billion (£5.5 billion) into investment in Ceara.

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