Chinese steel producer Wuhan Iron and Steel Group has reportedly put plans to build a steel mill in Brazil on hold, after breakdowns in negotiations for infrastructure investment, according to Reuters.
Speaking to reporters, Wuhan chief executive Deng Qilin said the company's Brazilian partners had not provided the necessary conditions required for the company to invest, including railways and port terminals.
Last week, Wuhan's Brazilian partners, LLX Logistica SA, said that talks on the 5 million metric ton-per-year steel project at the Port of Açu were now "dormant" and that the two sides had not met for months.
However, Deng said the company was still in the market for acquisitions of overseas iron ore or coking coal mines, and they still plan to control overseas iron ore production assets with an annual production capacity of 60 million metric tons.