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Dongkuk Steel to inject USD 150 million into Companhia Siderurgica do Pecem

Steel News - Published on Wed, 15 May 2019

Image Source: koreaherald.com
Yonhap reported that Dongkuk Steel Mill Co will inject USD 150 million over the next three years into a Brazilian steel mill that it owns a stake in to help improve its financial standing. Dongkuk Steel owns a 30% share in Companhia Siderurgica do Pecem steel mill, while South Korea’s leading steelmaker, POSCO, and Brazil-based mining giants Vale SA have 20% and 50% shares, respectively, in CSP. The two other investors will spend money in proportion with their stakes, with the three firms‘ cash injection totaling USD 500 million, according to Dongkuk Steel.

CSP steel mill logged an operating profit of USD 164 million last year, but suffered net losses due to financial costs and currency losses, which promoted the major shareholders to come up with the rescue plan for financial improvement.

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Posted By : Rabi Wangkhem on Wed, 15 May 2019
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