Japanese steelmaker JFE Steel Corp has stated that it is considering joining a steel mill project in Brazil with Vale and two South Korean steelmakers to benefit from the growing Latin American and US markets, Reuters said.
JFE will decide by the end of this year whether to join the project that includes building a slab plant with an annual capacity of 3 million mt and requires an initial investment of $4.2 billion. In the second phase of construction, a further 3 million mt capacity will be added.
Vale currently owns 50 percent of the project that is carried out in the Ceara state of Brazil, while the South Korean steelmakers Dongkuk Steel and POSCO hold 30 percent and 20 percent respectively.