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Wuhan Steel denies halt to JV project in Brazil
By Richard Fu |
July 4, 2012, Wednesday
|
Online Edition
Online Edition
WUHAN Iron & Steel Group denied a media report that it has abandoned a plan to build a US$5 billion steel plant in Brazil.
The company and its Brazilian partner are still working on the project, said China's fourth-largest steel maker on its official microblog on Sina Weibo, without giving details about its progress.
The 21st Century Business Herald reported yesterday that Wuhan Steel had shelved the project planned in the Acu industrial zone of Rio de Janeiro after feasibility studies showed it was too risky in terms of logistics cost and coking coal supply.
The project, with an annual output capacity of 5 million tons, is a joint venture between Wuhan Steel and Brazil's EBX Group. Wuhan Steel said it hasn't received any notice to call off the feasibility study.
"Wuhan Steel will evaluate and report the risks of its overseas investment to ensure the state assets retain their value and even appreciate," it said.
Wuhan Steel hopes to expand its steelmaking operation to Brazil because of the country's rich iron ore resources.
Baosteel Group Corp also talked with Brazilian iron ore producer Vale to build a steel mill in Brazil for years but no progress has been made so far.
The company and its Brazilian partner are still working on the project, said China's fourth-largest steel maker on its official microblog on Sina Weibo, without giving details about its progress.
The 21st Century Business Herald reported yesterday that Wuhan Steel had shelved the project planned in the Acu industrial zone of Rio de Janeiro after feasibility studies showed it was too risky in terms of logistics cost and coking coal supply.
The project, with an annual output capacity of 5 million tons, is a joint venture between Wuhan Steel and Brazil's EBX Group. Wuhan Steel said it hasn't received any notice to call off the feasibility study.
"Wuhan Steel will evaluate and report the risks of its overseas investment to ensure the state assets retain their value and even appreciate," it said.
Wuhan Steel hopes to expand its steelmaking operation to Brazil because of the country's rich iron ore resources.
Baosteel Group Corp also talked with Brazilian iron ore producer Vale to build a steel mill in Brazil for years but no progress has been made so far.
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