CVRD and Baosteel to initiate talks for Maranhao

CVRD and Baosteel to initiate talks for Maranhao

According to recent news in the market, Brazilian mining giant Companhia Vale do Rio Doce (CVRD) and Chinese steel producer Baosteel will meet in January to discuss the slab plant they are planning to establish in Maranhao, Brazil. The cost of the project is expected to be $1.5 billion. German Ferrostaal AG and Chinese CISDI Engineering conducted a feasibility study for the planned plant. During the talks in January, start date of the project will be decided. The plant will produce 3.7 million tons of slabs in the first stage but this figure may be increased to 7.5 million tons later on. The plant is fully supported by Chinese and Brazilian governments and the Maranhao state government.