Risks put off plan for Brazilian steel plant
By Richard Fu |
July 4, 2012, Wednesday
|
Print Edition
Print Edition
THE Wuhan Iron and Steel Group has abandoned a plan to build a US$5 billion steel plant in Brazil because of uncontrollable risks, according to a media report.
China's fourth biggest steel maker had conducted feasibility studies over the past years which showed that the project, planned for the Acu industrial zone in Rio de Janeiro, was too risky in terms of logistic costs and coking coal supplies, the 21st Century Business Herald said yesterday, citing people familiar with the matter.
A spokesman for Wuhan Steel couldn't be reached for comment.
The project, with an annual capacity of 5 million tons, was a joint venture between Wuhan Steel and Brazil's EBX Group. A 300-kilometer rail line would also have to be built for the project which would raise costs drastically, the report said.
China's fourth biggest steel maker had conducted feasibility studies over the past years which showed that the project, planned for the Acu industrial zone in Rio de Janeiro, was too risky in terms of logistic costs and coking coal supplies, the 21st Century Business Herald said yesterday, citing people familiar with the matter.
A spokesman for Wuhan Steel couldn't be reached for comment.
The project, with an annual capacity of 5 million tons, was a joint venture between Wuhan Steel and Brazil's EBX Group. A 300-kilometer rail line would also have to be built for the project which would raise costs drastically, the report said.
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