State-owned China Communications Construction Co. Ltd (CCCC) and Brazilian miner of iron ore Vale SA have agreed to invest jointly in building a US$450 million steel mill in the northern Brazilian state of Pará, Reuters reports.
The news agency, citing the state government as its source, says the steel mill will tap dozens of mining areas which supply large amounts of high-quality ore, and make the most-up-to-date products for the construction, farm equipment and automotive industries.
Separately, Vale issued a written statement saying it had agreed to guarantee that money for the steel mill would be available.
