Nippon Steel to strengthen ties with CVRD

Japanese steelmaker Nippon Steel Corporation and Brazilian mining giant Companhia Vale do Rio Doce (CVRD) said in a joint statement on Monday they had agreed to strengthen their strategic alliance and were considering further projects together. The two companies announced that they intended to increase cooperation on two jointly-held companies, Nibrasco and MBR. Nibrasco, which manufacturers iron pellets, is 51 percent held by CVRD and 25 percent owned by Nippon Steel, with other firms holding the remaining 24 percent. Miner MBR is 90 percent held by CVRD with the remaining 10 percent owned by Japanese firms. Of the 10 percent, Nippon Steel accounts for a 2.3 percent share. Both Nibrasco and MBR are located in Brazil. The companies also agreed to cooperate on ferroalloys, logistics and technical issues, the joint statement said.