Posco E&C eyes Sept start for building Brazilian slab plant
Last Update: 21/12/2011 10:10:00
Korea’s Posco Engineering & Construction (Posco E&C) says it expects to start building the 3m tonnes/year slab plant in Brazil from September 2012 at the earliest. The Korean firm was expecting to contract for the $4.34bn deal with slab-making joint venture, Companhia Siderúrgica do Pecém (CSP), on Friday (local time) in Rio de Janeiro. “Our plan for starting construction for (the integrated mill) is tentatively September next year,” a Posco E&C spokesman tells Steel Business Briefing. The builder is prime contractor for the project, responsible for engineering, procurement and construction. Posco E&C received the massive order from CSP because it alone among contractors worldwide is capable of managing an entire steelmaking construction project, it claims in a statement. Korean steel giant Posco owns 89% of Posco E&C. Since 2009 the CSP jv’s two major shareholders, Vale (50%) and Dongkuk Steel Mill (30%), had been actively requesting Posco E&C that it join the project. This led to the builder undertaking a feasiblity study during last year. Posco is taking 20% of the slab making joint venture. Posco E&C says it is also confident of its chances of securing an order for CSP’s second 3m t/y phase after the first phase’s completion, expected by mid-2015. Dongkuk recently confirmed its investment of KRW 825.6bn ($714m) in the slab jv, signalling that all negotiations with Vale and Posco had been concluded, as SBB reported.
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