CSN to invest €300 million in Portugal

CSN to invest €300 million in Portugal

Recent news in the market reports that, Brazilian steel producer Companhia Siderurgica Nacional (CSN) is planning to invest €300 million ($376 million) in Portugal with the purpose of building a new plant in the country. CSN authorities are stated to be in negotiations with Portuguese government and the company will most probably start construction of the new mill at the beginning of 2005. Annual production capacity of CSN is currently 5.8 million tons however the company has expansion plans. For instance, an investment of €678 million ($850 million) to expand its production capacity is planned to be made in the first phase. With the investment to be made in Portugal, CSN aims to enter the European market.