Baosteel inks Brazilian steel deal

Baosteel has set up a steel-making joint venture with Brazilian iron ore firm CVRC in Espirito Santo state in Brazil, Xinhua reported (in Chinese). The estimated investment of the first phase of the project will be US$3.5 billion with annual output of 5 million metric tons of steel slabs. The construction of the plant will begin in first half of 2008 and will start operations in 2011. Baosteel is China's largest steel manufacturer.