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China St parking disc eel Corp to invest in Brazilian iron ore project

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China St parking disc eel Corp to invest in Brazilian iron ore project
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China Steel Corp to invest in Brazilian iron ore projectPublished: 17 Dec 2009 23:52:19 PST

Dec. 18, 2009 (China Knowledge) - China Steel Corp, the biggest steel producer in Taiwan, announced that it will acquire a 1% stake in an iron ore project in Brazil for NT$3 billion, sources said.

Chung Lo-min, executive vice president of CSC, said that the firm will purchase the stake in Namisa S.A. from Japan's Sumitomo Metal Industries Ltd and Itochu Corp.

Reportedly, the iron ore project is estimated to have a proven reserve of 1.4 billion metric tons. Brazil's Companhia Siderurgica Nacional owns a 60% of Namisa, and other stakeholders include Nippon Steel Corp, JFE Steel Corp, Kobe Steel Ltd, Nisshin Steel Corp from Japan and Korea's POSCO.

CSC needs about 160 million metric tons of iron ores per year. With the operation of a blast furnace at its wholly owned subsidiary Dragon Steel Corp in Taichung, it will need another 3 million tons, said Chung.