Last week Chinese Baosteel and Brazilian CVRD officially inaugurated their joint venture, Baosteel CSV Steel Company, by means of which they plan to build a new slab mill in Brazil with an annual capacity of five million tons.
The estimated investment for the five million ton capacity mill will be $3.5 billion. Construction is expected to begin in the first half of 2008 and be completed at the end of 2011. The companies are hoping to increase the capacity of this mill to 10 million tons with a second investment later.
The memorandum of understanding for the joint venture was inked on July 19, 2007, as previously reported by SteelOrbis: http://www.steelorbis.com/steel-news/.