Brazilian steelmaker Companhia Siderurgica Nacional (CSN) has received a BRL 1.2 billion loan from the nation’s workers compensation fund (FI-FGTS), according to media reports, to be used in the expansion of the Itaguai port, in the state of Rio de Janeiro, which is used to load coal and iron ore.
Media reports said the FI-FGTS loan was granted to CSN after a year of inertia at the compensation fund, which was being pressured to make new investments.
Beside the BRL 1.2 billion loan, CSN will invest other BRL 527 million from its own capital. The company’s goal is to expand its loading and stocking capacity of iron ore at the local port by 34 percent, from 45 million to 60 million mt/year.
CSN manages two port terminals in the Itaguai port: Tecar, from which the iron ore is shipped out, and Sepetiba Tecon, a container terminal.