Posted on 01 Dec 2009
Brazilian mining company Vale plans to invest 1 billion reais ($573 million) in a steel rolling mill in
The mill will process steel from plate to sheet form and will be sited at a steel plant being built by Companhia Siderurgica do Atlantico (CSA), controlled by
The newspaper cited
The CSA plant, expected to open in the first half of 2010, will produce 5 million tonnes of steel slabs for export each year.
Vale has come under heavy political pressure from the government of President Luiz Inacio Lula da Silva to process more of the minerals it extracts at home to add value and create jobs, rather than exporting them in raw form.
The firm responded by announcing billions of dollars in new investments, quelling talk that Lula was seeking a management shake-up at the company.
