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
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