Brazilian mining company Vale (VALE5.SA) said on Monday it agreed with Germany's ThyssenKrupp Steel (TKAG.DE) to increase its stake in steelmaker Siderurgica do Atlantico (CSA) to nearly 27 percent from 10 percent for 965 million euros ($1.42 billion). The move follows recent pressure from Brazil's government for Vale to invest more in Brazilian industries such as steel.
CSA, a project in Rio de Janeiro state that will turn out 5 million tonnes of steel slabs per year, is expected to come online in the first half of 2010 and its iron ore feedstock will be supplied exclusively by Vale. The plant would be the first large steel mill built in the country since the mid-1980s and Vale said it would be the largest industrial investment the Latin American country has seen for a decade.
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