Steel production to increase by three-fold in Rio

Steel production to increase by three-fold in Rio

According to recent news in the market, steel production in Brazil's Rio de Janeiro state is expected to increase by three-fold by 2008. As reported by SteelOrbis yesterday, Brazilian mining giant Companhia Vale do Rio Doce (CVRD) and German steel producer ThyssenKrupp signed a memorandum of understanding with the Rio de Janeiro state government to build the steel complex, which will have an annual production capacity of 4.4 million tons. Moreover, Gerdau, Votoranium Metais and Companhia Siderurgica Nacional (CSN) will add 9 million tons to the region by 2008. The state currently produces 7.3 million tons of steel per annum. The figure accounts for approximately 25% of the total steel production in Brazil.