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Brazil's Vale To Build Steel Plant

Mining giant Vale said Thursday that it will invest nearly $3 billion to build a steel plant in the Amazon state of Para.

SAO PAULO (AP) -- Brazil mining giant Vale says it will invest nearly $3 billion to build a steel plant in the Amazon state of Para.

The statement from Vale SA says the new plant will have an annual production capacity of 2.5 million metric tons. Construction is expected to begin in June and the plant is expected to be operational in November 2013.

The statement posted on the Vale's Web site Thursday says the company plans to invest close to 5.2 billion reals ($2.9 billion) to build the new plant.

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