RIO DE JANEIRO, Brazil (AP) -- Brazilian mining giant Vale says it will spend US$5 billion on a new steel mill complex and related operations in the Amazon state of Para.
Companhia Vale do Rio Doce SA says the mill will produce some 2.5 million tons a year when it begins production in 2013 and later expand to 5 million tons.
Vale estimates construction costs at about US$3.3 billion.
The company said Thursday in a statement that it will also spend US$900 million on a 600-megawatt plant in Bacarena to power the mill, in addition to other investments in operations and environmental and social programs.
It will be the first steel mill that Vale operates without an outside partner.
