RIO DE JANEIRO (AP) -- President Luiz Inacio Lula da Silva has inaugurated a huge steel-making complex built jointly by German steel maker ThyssenKrupp and Brazil's Vale mining company.
The $6.4 billion ThyssenKrupp CSA Siderurgica do Atlantico plant is located in Rio de Janeiro and has an annual production capacity of 5 million metric tons of steel slabs.
ThyssenKrupp AG has a 73 percent stake in the new venture and Vale SA has 27 percent. Vale is the world's largest producer of iron ore.
The new plant was inaugurated Friday.
Vale says in a statement the plant is equipped with two blast furnaces and a coke plant and has its own seaport and thermal power plant.