Brazil flat steel and iron ore producer Usiminas said it could increase its share of iron ore exports through the Sudeste port, which is being built in Itaguai, Rio de Janeiro, an executive said.
Talking to journalists in the sidelines of the Brazil Steel Congress, which was held from Tuesday to Wednesday in Sao Paulo, Brazil, the company's CEO Julian Eguren said the port is expected to be completed by the end of 2014 or the begining of 2015.
The port is owned by MMX, Mubadala and Trafigura. MMX has a 35 percent stake in the project, while Mubadala and Trafigura own the other 65 percent.
The port is located in the city of Itaguai, in the state of Rio de Janeiro, and should have a capacity to transport up to 100 million mt of iron ore.
Usiminas plans to expand its iron ore capacity from eight to twelve million mt. However, to reach that capacity, the company would need to load at the Sudeste port the exceeding volumes of the product.
As for other steel products, the company said it is forecasting higher exports for the second half of the year, as domestic consumption is expected to decrease, Eguren said, adding that the company hopes steel prices will be stable in the period.
"Figures for the second half of the year will be very similar to those we saw in the second quarter of 2014, but exports are expected to increase," said Eguren.
Usiminas net revenues in the second quarter of the year reached BRL3.1 billion ($1.35 billion), as a result of better average prices for steel in the domestic market, compared to the same quarter of 2013.