Chinese steelmaker Anyang Steel and Brazilian miner Vale have held a signing ceremony for their 1.2 million mt joint venture pellet project to be built on the back of an investment of RMB 625 million.
With a 50-year history, Anyang Steel has a ten million mt annual steel production capacity. Vale is the world's largest iron ore producer and exporter, and the largest mining company on the American continent. Angang Steel and Brazilian Vale are strongly complimentary to each other in resources, technology and other fields, representing tremendous common interests and cooperation opportunities.
In 2001, Anyang Steel and Vale began their cooperation; in 2005, Anyang Steel signed a long-term iron ore supply agreement with Vale, becoming one of Vale's strategic partners in China.