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
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
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