In addition to languid market conditions for developing the project, there is a lack of port facilities adequate to serve the export markets. The parties are expected to resume talks of the steelworks project early next year.
Cosipar delays plans for Brazilian steelworks project until 2012
The Cosipar Group, Brazil's largest pig-iron producer, announced Thursday that it is delaying plans for a steelmaking project in Barcarena, Para in Northern Brazil. The project, Usina Siderurgica do Para, would include a steel slab and a coking coal plant. The project's main partner--Igor Zyuzin, who currently owns a 70 percent stake in OAO Mechel, the largest Russian coal company--and Cosipar decided the plans for the project would be delayed until global steel market conditions improve.
Tags: Pig Iron Slab Coking Coal Raw Mat Semis Brazil Russia CIS South America Mining Steelmaking Investments Economics Mechel
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