The company Ceara Steel, the first steel producing factory in the Northeast of Brazil, should start its operations in 2009. With an investment worth a total of US$ 754 million, the factory will produce 1.5 million tons in steel plates for exports.
The president at Dongkuk, major partner in the factory, Sae-Joo-Chang, stated that the project started coming through during the journey made by President Luiz Inácio Lula da Silva to Korea, in May, when the protocol between the companies and the government of the Brazilian state of Ceará was signed.
During the building process, the construction works should generate 3,500 direct jobs and, after it is ready, the mill should employ 1,600 people.
The greatest part of the workforce is being qualified in technology courses at the Federal University of Ceará and in technology teaching centres.
Ceara Steel will also be the first in Latin America to operate according to the environment protection standards foreseen in the Kyoto Protocol.