hyssenKrupp is moving ahead with plans to build a $2.4-billion steel mill in Sepetiba in the Brazilian state of Rio de Janeiro. The plant,
Dr. Ekkehard Schulz
scheduled to begin production in early 2009, will have an annual capacity of 5 million tons. The company has a goal of achieving a share of at least 5 percent of the high-value volume market in North America.
"The supply of low-cost, high-quality slabs from Brazil will allow us to harness growth opportunities in our core European market and in the NAFTA region," said Dr. Ekkehard Schulz, chairman of the company's executive board.
Another steel-related project was recently announced by leading nickel producer Inco, which will build a $63-million facility in Dalian, Liaoning Province, China, for production of utility nickel, a refined form of nickel product for the special needs of the stainless steel industry. The new plant, set for commissioning during the first half of 2008, will supply stainless steel makers in the fast-growing Chinese market.