POSCO, Korea's largest steelmaker, announced Tuesday that the Brazil CSP Steel Plant Complex, the largest ever steel plant construction order won by POSCO E&C, has commenced. POSCO E&C's vice-chairman and CEO Chung Dung-Hwa held the groundbreaking ceremony on Tuesday at the Pecem Industrial Complex in Ceara in northeastern Brazil. The Brazil CSP Steel Plant Complex worth US$4.34 billion, for which POSCO E&C won the construction order, is a project being pursued by CSP (Companhia Siderurgica do Pecem), a joint venture of Vale (50 percent), Dongkuk Steel (30 percent), and POSCO (20 percent).
The first stage project of the Brazil CSP Steel Plant Complex, which is scheduled to produce 3 million tons of slabs, is expected to be completed by late August 2015.
Since the Brazil CSP Steel Plant Complex is located in northeastern Brazil, opening the doors to the American and European markets, POSCO E&C is planning to expand its business fields to the Americas and Eastern Europe after successfully completing the project. For this, POSCO E&C is strengthening its business capacities in the Central and South American regions by establishing a strategic partnership with Vale. At the same time, it is also concentrating on finding new business areas in various sectors, such as civil engineering, architecture, and the environment.