You are here: Home > Steel News > Latest Steel News > Vale ...

Vale considers lowering stake in Brazilian steel mill project

Tuesday, 26 April 2011 02:57:26 (GMT+2)   -  

Tags: iron ore , raw mat , Brazil , Korea , Korea S. , Far East , South America , Vale , investments , M&A , steelmaking , POSCO , East Asia and Pacific | similar articles » SteelOrbis News

Local media reported Monday that the world's largest iron ore mining company, Brazil-based Vale may reduce its stake in a Brazilian steel mill venture with South Korean steelmakers, POSCO and Dongkuk Steel. In the initial stages of the joint venture, POSCO agreed to hold a 20 percent stake, while Dongkuk would hold a 30 percent stake in the project. Vale had originally agreed to hold a 50 percent stake in the first phase of construction in November 2010, which it may lower 30 percent while POSCO and Dongkuk  both raise their stakes to 35 percent apiece.

A definite decision may not come until 2014, when the first phase of the three million metric ton steel mill's construction in Brazil is expected to be completed.

Back All Articles
Back All Articles