Baosteel, CVRD Brazilian venture approved

Baosteel has received the approval of Brazil’s anti-monopoly authority to built a joint-venture steel plant with Companhia Vale Do Rio Doce (CVRD), one of world’s three largest iron-ore suppliers, China Business Net reported (in Chinese). The plant built by the partnership, Baosteel Victoria Iron & Steel Co Ltd, will be Baosteel’s first steel manufacturing plant outside of China. The first phase of project, representing an investment of US$3 billion, will begin construction in 2009 and begin operation in 2011. Baosteel holds 60% of the venture and CVRD holds the remaining 40%.