CSN approves major steel and iron ore expansion

Brazil's third largest steel maker, Cia. Siderurgica Nacional (CSN intends to dedicate $5.1 billion to expand its steel-making capacity and iron ore output over the next 5 years. A $3.6 billion four-year plan that will add 6 million metric tons of raw steel-making capacity was approved by the company's board. This capacity will go to one or more new mills with at least half of the allotted capacity to be built in Itaguai near Rio de Janeiro. A Real 1.5 billion ($690 million) investment was also approved by the board to increase capacity at its Casa de Pedro iron ore mine to 53 million tons by 2011. This investment will also go towards the construction of a second iron-ore pellet facility, as well as the expansion of its existing coal terminal near Rio de Janeiro.