Dongkuk Steel to invest $730 million in Brazilian slab-making JV

South Korea-based Dongkuk Steel has announced that it will invest $730 million in the construction of integrated steelworks in the Brazilian state of Ceara in partnership with the Brazilian mining giant Vale and South Korean steelmaker POSCO.
 
The slab-making joint venture Companhia Siderúrgica do Pecém (CSP) is expected to produce 3 million mt of slab per year. Total cost of the project is estimated to be $4.86 billion.
 
Dongkuk Steel stated that it will have a 30 percent stake in the project, while Vale and POSCO will have 50 percent and 20 percent stakes respectively. The completion of the project is scheduled for 2015.