Brazilian mining giant Vale plans to reduce its 50 per cent stake in the Companhia Siderúrgica do Pecém (CSP) steel plant project, currently being built in northeastern Ceará state.
“We are excited about this mill because of the growing demand for steel in the northeast of Brazil,” said CFO, Luciano Siani. “But our goal is not to be a steelmaker.”
Vale plans to spend more than US$400 million on the project in 2013.
South Korean Dongkuk has a 30 per cent stake in CSP and compatriot steelmaker Posco owns the remainder. The steel mill is scheduled to begin operating in 2014.