Vale, Baosteel cancel Brazil steel mill

By Tom Stundza -- Purchasing, 3/12/2009 2:00:00 AM

Brazilian mining giant Vale has canceled plans to build a steel mill with Baosteel Group, China's largest steelmaker, because of a slump in global steel demand and reductions in steel production at existing mills. The two companies decided to scrap the project and dissolve Companhia Siderurgica Vitoria, or CSV, after "intense negotiations and analysis of alternatives." The companies had signed an agreement in August 2007 to build the multibillion-dollar steel-slab joint venture in southeastern Espirito Santo state to produce 5 million metric tons/year, mostly for the export market.

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