Spanish steelmaker Añon plans to invest $150 milllion in an 800,000-ton steel project in the northeastern Brazilian state of Pernambuco.
A letter of intent has already been signed with the state government.
Construction works are expected to start in late 2007.
The project will create more than 220 direct and 550 indirect jobs.
Añon accounts for 40 percent of
Spain's steel
production.