Brazil: Usipar seeks joint venture with China Minmetals

21 December 2007

Rio de Janeiro, Brazil, 21 Dec – Brazilian pig iron manufacturer Usipar wants to set up a steel making joint venture with China Minmetals, the financial director of Usipar’s parent company, Cosipar, has said.

Luis Guilherme Monteiro said Monday that the two companies are ready to sign an accord for a viability study to build a plant with an annual capacity for 2 million tons. The factory will be sited near Usipar’s existing unit in Barcarena in northeast Brazil.

“Minmetals is very interested and confirmed it will participate as soon as we obtain a guarantee on raw material supply,” said Monteiro.

Usipar is preparing to double its iron production to 1 million tons. Most of its current output goes to the United States. The firm’s expansion is budgeted at around US$ 100 million and will conclude in the second half of 2009. (macauhub)