Steelmakers Target Brazil
The world's largest steelmaker, Luxembourg-based Arcelor, says it will invest $3 billion in acquisitions and expansion in Brazil by 2010. It has earmarked $1 billion to boost by 50% the capacity of Companhia Siderúgica de Tubarão (CST) and $1 billion for expansion at Companhia Siderúgica Belgo-Mineira. Arcelor sold ?1.17 billion ($1.43 billion) of stock in July. It used the proceeds to increase its stake in CST to 65%, from 28%. Arcelor owns 54% of Belgo-Mineira.
Brazilian steel manufacturer Gerdau, Latin America's largest steelmaker, says it will build a $214 million steel mill near São Paulo. The plant will have annual production capacity of 1.3 million metric tons and begin operations in May 2005.
Peru's Euro Debut
In its first euro-denominated issue, Peru raised ?650 million ($805 million) with a 10-year bond yielding 7.55%. The bond was...
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