China’s third largest steel maker, Wuhan Iron and Steel Company (
WISCO), will begin building its first steel mill in
Brazil after completing the share acquisition of Brazilian
iron ore mining company MMX on February 26.
The mill will be located in Rio de Janeiro with the capacity to produce 5 million metric tons of steel per year.
WISCO, which will be in charge of the operation, reportedly wants to acquire more
iron ore resources for its global expansion.