China's Wuhan Steel Denies Exit of Brazil Mill Plan-Shanghai Metals Market

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China's Wuhan Steel Denies Exit of Brazil Mill Plan

Industry News 01:15:32PM Jul 04, 2012 Source:SMM

Shanghai, Jul. 3 (Reuters)-China's Wuhan Iron & Steel Group, the country's fourth-largest steel producer, denied a media report that said the company had abandoned plans to build a $5 billion steel plant in Brazil due to logistics and coking coal supply issues.


The proposed 5 million-tonnes per year plant, which could be China's largest investment in Brazil and its biggest steel plant build overseas, is a joint venture between the Chinese steel mill and Brazil's EBX Group.


"There was no withdrawal and the two parties are still working on the project," the company spokesman said.
He did not disclose at which stage the project was now.


The 21st Century Business Herald cited two sources saying Wuhan Steel dropped out the plan after a series of feasibility studies found the project was too risky due to issues including logistics, transport and coking coal supplies.


"Wuhan Steel's unit in Brazil hasn't received any notice to call off the feasibility study, and the two parties are moving ahead according to the plan," the company said in its official microblog Weibo, China's twitter.
 

Key Words:  Wuhan Iron & Steel Group    
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China's Wuhan Steel Denies Exit of Brazil Mill Plan

Industry News 01:15:32PM Jul 04, 2012 Source:SMM

Shanghai, Jul. 3 (Reuters)-China's Wuhan Iron & Steel Group, the country's fourth-largest steel producer, denied a media report that said the company had abandoned plans to build a $5 billion steel plant in Brazil due to logistics and coking coal supply issues.


The proposed 5 million-tonnes per year plant, which could be China's largest investment in Brazil and its biggest steel plant build overseas, is a joint venture between the Chinese steel mill and Brazil's EBX Group.


"There was no withdrawal and the two parties are still working on the project," the company spokesman said.
He did not disclose at which stage the project was now.


The 21st Century Business Herald cited two sources saying Wuhan Steel dropped out the plan after a series of feasibility studies found the project was too risky due to issues including logistics, transport and coking coal supplies.


"Wuhan Steel's unit in Brazil hasn't received any notice to call off the feasibility study, and the two parties are moving ahead according to the plan," the company said in its official microblog Weibo, China's twitter.
 

Key Words:  Wuhan Iron & Steel Group