The Wuhan Iron and Steel Group, a Chinese steelmaker, agreed to pay $400 million for a stake in Brazil’s MMX Mineracao e Metalicos to broaden its supply of iron ore.
Wuhan Steel, based in Hubei province, will appoint two board members to MMX and become the second-biggest shareholder of the Brazilian company with a 21.52-percent stake, the Chinese company said. Wuhan Iron and EBX, MMX’s holding company, also signed an accord to build a steel plant in Brazil, a Wuhan Steel spokesman, Bai Fang, told Bloomberg News.
MMX, which is based in Rio de Janeiro, has a market value of 3.7 billion reais ($2.1 billion), according to Bloomberg data.
China, the world’s biggest steel producer, is investing in iron-ore projects globally to reduce dependence on Vale, the Rio Tinto Group and BHP Billiton. Wuhan Iron and EBX, MMX’s holding company, also signed an accord to build a steel plant in Brazil, said a Wuhan Steel spokesman, Bai Fang.
2009-12-10
Subscribe to:
Post Comments (Atom)
About Me and My Group
- Brazil Extra
- Houston / Rio de Janeio, TX - USA - With affiliates in Brazil, Brazil
- For more info. visit : www.khen-group.com Trust, Assurance, Experience, and Commitment. We know the issues, we know the process, we know the culture, and we draw on that to provide complete solutions for your business abroad. Areas of expertise include , recruiting, business solutions, marketing strategy, branding, trainning, market research and business development. Visit www.khen-group.com
Expats
No comments:
Post a Comment