Baosteel looks to set up plant in Brazil

Shanghai
Baosteel Group plans to set up an US$8bn plant in Brazil, according to 21st Century
Business Herald. China's largest steel-maker has been in negoti-ations to build a facility
with Companhia Vale do Rio Doce, the world's largest iron ore miner. The report said that
Baosteel would take a controlling stake in the ven-tore and that Arcelor of France had also
been asked to participate. Baosteel produced 20m tonnes of steel products last year and it
hopes to become one of the world's top three steel-makers by 2010.