Brazilian steelmaker Companhia Siderurgica Nacional (CSN) and the state of Minas Gerais have reportedly signed a protocol of intentions for the steelmaker to invest $5.4 billion (BRL 30 billion) in the state, according to a media report by Itatiaia.
The protocol was reportedly signed this week. Neither CSN nor the state of Minas Gerais disclosed details about what the $5.4 billion (BRL 30 billion) investment entails. However, the media report noted the investments are for “new projects” within the state of Minas Gerais.
Both Minas Gerais governor, Romeu Zema, and CSN, have been reportedly negotiating this protocol for about four months, the media report said.