Vale Finds Partners

Brazil’s Companhia Vale do Rio Doce, the world’s largest iron-ore producer, and two Korean steelmakers announced they will invest $2.75 billion to build two blast furnaces in Brazil to meet rising demand for steel spurred by China’s economic boom. Posco, the world’s fifth-largest steelmaker, agreed with Vale to build a $2 billion, 4.5 million-metric ton a year mill in Maranhão state. Dongkuk Steel, Korea’s third-largest steelmaker, plans to join Vale and Italian steel-mill equipment maker Danieli to build a $750 million, 1.5 million-metric-ton a year mill in Ceará state.