Vale announces $4bn investment in Ceara
Date added: 22nd December, 2009 at 09:36
(view all articles from December, 2009)
Categories: Natural Resources
Mining giant Vale has announced an investment in Ceara which will see the firm build a new steel mill in the North East state.
Along with its South Korean partner Dongkuk Steel, the company began construction on the plant last week. According to business news domain-b.com, the first phase of work at the Companhia Siderurgica do Pecem plant will cost around $4 billion (£2.5 billion).
The investment in Ceara is predicted to begin production by 2013 and will initially be capable of output of three million tonnes of steel plates a year.
This figure could later be doubled after a second phase of work is carried out on the plant.
As well as its significant production figures, the site will also benefit the state by creating employment opportunities. More than 15,000 jobs will be generated by the initial construction phase.
Vale's chief executive Roger Agnelli recently told Reuters that he expected iron ore prices to increase over the next 12 months, adding: "I think it's going to be a positive year."
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