Brazilian President Luiz Inacio Lula da Silva, Vale CEO Roger Agnelli and ThyssenKrupp CEO Ekkehard Schulz Friday inaugurated Brazil's newest steel mill, Cia Siderurgica do Atlantico (CSA).
The mill, which is located in a suburb of Rio de Janeiro, cost 5.2 billion euros (US$6.44 billion)--the largest privates-sector investment in Brazil in 15 years--and is jointly owned by ThyssenKrupp (73.13 percent and Vale (26.87 percent). It will reach its full capacity of 5 million metric tons (mt) of slabs within three to four years, with 3 million mt destined for ThyssenKrupp's carbon steel operation in Alabama and 2 million to the company's European plants.
"The mill will reach full capacity just at the time when US and European demand recovers," said Schulz.
Of the two blast furnaces in the facility, one will start up this year with the other to follow in 2011. Friday's opening involved the sinter plant, and the first slabs are expected to be produced later in the summer.