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Wugang shelves Brazilian steel mill plan as talks failed
Source: Agencies |
November 13, 2012, Tuesday
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WUHAN Iron and Steel Group, China's fourth-largest steel producer, has shelved plans to build a steel mill in Brazil after negotiations on infrastructure investment floundered, the company's head Deng Qilin has said.
He said the company's Brazilian partners had failed to provide the necessary conditions for Wuhan Iron and Steel, also known as Wugang, to invest.
"Railways, port terminals - they haven't built anything. The market also isn't there, so now we have stopped the talks and for the moment we aren't thinking about it," he said.
The Brazilian partners, LLX Logistica SA, said last week that talks on the 5-million-ton-per-year steel project at the port of A?u were now "dormant" and that the two sides had not met for months.
Given the difficulties still facing the global steel sector, Wugang would no longer consider any other overseas steel mill investments, with the market already too crowded and profits too low, Deng said.
Deng said Wugang was still looking at potential acquisitions of overseas iron ore or coking coal mines. The company still plans to control overseas iron ore production assets with an annual output capacity of 60 million tons.
He said the company's Brazilian partners had failed to provide the necessary conditions for Wuhan Iron and Steel, also known as Wugang, to invest.
"Railways, port terminals - they haven't built anything. The market also isn't there, so now we have stopped the talks and for the moment we aren't thinking about it," he said.
The Brazilian partners, LLX Logistica SA, said last week that talks on the 5-million-ton-per-year steel project at the port of A?u were now "dormant" and that the two sides had not met for months.
Given the difficulties still facing the global steel sector, Wugang would no longer consider any other overseas steel mill investments, with the market already too crowded and profits too low, Deng said.
Deng said Wugang was still looking at potential acquisitions of overseas iron ore or coking coal mines. The company still plans to control overseas iron ore production assets with an annual output capacity of 60 million tons.
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