Posco seals $4.3 bn deal for Brazil steel plant
South Korea's Posco Engineering and Construction said today it has won a $4.3 billion deal to build a steel mill in Brazil with an annual capacity of three million tonnes.business Updated: Dec 16, 2011 11:54 IST
South Korea's Posco Engineering and Construction said on Friday it has won a $4.3 billion deal to build a steel mill in Brazil with an annual capacity of three million tonnes.
It said it would sign a contract with Companhia Siderurgica do Pecem later in the global day for the integrated mill, which will be completed by 2015.
Companhia Siderurgica do Pecem is a joint venture between Brazil's Vale with a 50% stake, South Korea's Dongkuk Steel Mill with 30% and Posco which holds 20%.
The mill's slab production, a semi-finished steel product, will mostly be supplied to Dongkuk Steel Mill.
Posco said in a statement the contract is the biggest deal won by a Korean company for a single steel plant.
The mill "is a mega project in all aspects and it will be recorded as a significant deal in Korea's construction history", Posco Engineering and Construction chief Chung Dong-Hwa was quoted as saying.