South Korea-based Dongkuk Steel has announced that it will invest $730 million in the construction of integrated steelworks in the Brazilian state of Ceara in partnership with the Brazilian mining giant
Vale and South Korean steelmaker
POSCO.
The
slab-making joint venture Companhia Siderúrgica do Pecém (CSP) is expected to produce 3 million mt of
slab per year. Total cost of the project is estimated to be $4.86 billion.
Dongkuk Steel stated that it will have a 30 percent stake in the project, while
Vale and
POSCO will have 50 percent and 20 percent stakes respectively. The completion of the project is scheduled for 2015.