November 22, 2008

Vale reaffirms plans to build steel mill in Para

BNamericas reported that mining giant Vale is committed to building a new 2.5 million tonne to 5 million tonne per year steel mill in northern Brazil's Pará state regardless of whether it secures a partner.

Mr Roger Agnelli president & CEO of Vale said that the project is still in the feasibility study phase. He added that at the First Brazilian Steel Gathering organized by steel institute IBS in Rio de Janeiro.

Mr Agnelli said that "We are building a plant with or without partners. Northern Brazil also needs steel."

Mr Agnelli also mentioned that Brazil as the best place to produce steel today due to its abundant iron ore mines. Vale is the owner of the Carajas iron ore mine, which churns out some 100 million tonne per year.