Chinese firm to build mill in Brazil under “Belt & Road”
The Beijing-based asset management company Easteel International Trading Group Co plans to invest a total of $20 billion over 2018-2025 to build the blast furnace-based steel mill, one of several huge industrial projects to be located in Camaçari city in North-east Brazil’s Bahia state. Easteel and the Bahia state government signed an agreement on May 13.
Though planning for the project is yet to be completed, preliminary plans call for construction to start in May 2022, with the first phase of the steel plant hosting a capacity of 3 million t/y of steel products, comprising 2 million t/y of hot-rolled coils and 1 million t/y of silicon sheet, the company official told Mysteel Global. When the feasibility study will be completed remains unclear.
Besides the steel plant, the Chinese company also plans to build a 1300MW natural gas-fired power plant, a 5 million t/y cement plant and a smart city that could accommodate 150,000 people, documents sent to Mysteel indicate.
The cement plant will utilize the steel works’ blast furnace slag, reducing pollutant emissions and contributing to the local building material industry. Moreover, the smart city will be built to provide a pleasant environment for employees working in the industrial park, the documents maintained.
Easteel, founded in February 2018, is a transnational investment company with mixed ownership. The documents say the firm aims to “unite” many investment and financing institutions including state-owned China Development Bank, China National Machinery Industry Co and China Aerospace Science and Technology Co.
A recent post on Xinhua Silk Road – a platform of China’s official Xinhua News specially covering news related to the “Belt & Road” initiative – quotes Easteel as saying that this project, with steel production as the core business, will help promote Bahia’s economy and local people’s livelihood. The project planned for Bahai will be one of many Easteel is going to launch in BRI countries, the company official disclosed.
Written by Olivia Zhang, zhangwd@mysteel.com
Edited by Russ McCulloch, russ.mcculloch@mysteel.com
Nippon Steel delays restart of Nagoya BF on slow demand
Jun 06, 2022 13:00
Japan's 2021 crude steel output up 16% on year to 96 m t
Jan 24, 2022 13:30
Liugang fires No.2 BF at Fangchenggang
Dec 09, 2021 09:20
Baowu and Aramco mull steel plate plant in Saudi Arabia
Sep 09, 2021 12:00
Baowu to ignite No.3 BF at Zhanjiang works in H2
Jul 07, 2021 16:30