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Vale to co-invest in Concremat/CCCC’s flat steel plant in Brazil

Steel News - Published on Fri, 24 May 2019

Image Source: SteelGuru
Brazilian mining giant Vale announced that it will sign a MoU to support the financial structuring of a project to be developed by Concremat/ China Communications Construction Company of a flat rolling steel mill in Maraba, state of Para. According to the MoU, Vale will support the project through the issuance of guarantees that will enable the financing to be contracted by Concremat/CCCC, in amounts to be agreed in due course and below the value of the total investment.

It added “This type of support is efficient for minimizing Vale's financial commitment, in line with our strategic pillar of efficient capital allocation.”

Maraba is some 160 km from Canaa dos Carajas, where Vale operates its USD 14.3 billion flagship S11D iron ore complex.

Source :

Posted By : Sanju Moirangthem on Fri, 24 May 2019
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