The Brazillian-based newspaper Valor Monday reported that Ferrous Resources do Brasil (FOB) has plans to build a flat steel mill with the capacity to produce 3.5 million metric tons of steel per year. The cost of construction is estimated to be US$4.9 billion.
Ferrous currently owns iron ore mineral properties located in the Iron Quadrangle, the largest iron ore producing region in Brazil, and within 50 km to 80 km to the south west and south of Belo Horizonte, the capital of the state of Minas Gerais. Their principal focus in the coming years is the development of iron ore mines and transportation infrastructure, including iron ore slurry pipeline and port.
The mill will be located in Minas Gerais State and is targeted to open in 2016.