• Categories
  • Archives

Brazil Lends US$ 420 Million to Giant Steelworks Complex Usiminas

Brazil’s BNDES (Nacional Bank for Economic and Social Development) has approved the concession of a line of credit of US$ 420 million for the technological modernization and environmental protection at two mills belonging to the Usiminas ironworks group.

The credit, to be granted over the next five yeas, is part of a special financing line to make base industry more dynamic through the implementation of infrastructure projects.

The funds will be invested in Usinas Siderúrgicas de Minas Gerais (Usiminas), US$ 190 million, and in Companhia Siderúrgica Paulista (Cosipa), US$ 230 million.

This is the second loan approved by the BNDES in the same area. The first was to Gerdal Group, and was also of US$ 420 million.

Considered the largest steelworks complex in Latin America, Usiminas is a Brazilian market leader, and is among the 20 largest groups in the world. It has  significant participation on the foreign market,

Including companies that operate in steelworks and in businesses where steel is of strategic importance, the Sistema Usiminas, based in Belo Horizonte, capital of the southeastern state of Minas Gerais, includes 17 companies.

Tags:

  • Show Comments (0)

Your email address will not be published. Required fields are marked *

comment *

  • name *

  • email *

  • website *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Ads

You May Also Like

Brazilian airline Gol

Brazil’s Gol Airline Tickets Can Be Paid in Up to 36 Months

Brazilian airline Gol has just announced that it has expanded payment methods for tickets ...

The Lula Factor in Brazil’s Good Tides

Who are the Brazilians to thank for this sudden surge in economic activity? Cabinet ...

Houston, We Have a Brazilian

Brazil is more committed than ever to its space program after the recent mishap ...

Lula’s Advisor Sees Negotiated Solution for US-Brazil Trade Dispute

In an interview to foreign correspondents, in São Paulo, the special advisor to the ...

Mister Sheik Is Part of Arab Fast Food Boom in Brazil

Mister Sheik, a fast food franchise specialized in Arab food that already has 33 ...

Brazil: Talking to Dom Tomás, the Bishop of the Landless

They call occupations by the landless "violent," but what about the violence of hunger, ...

Forbidden Runways

In the youth-obsessed fashion industry where models start working during their early pubescent years, ...

Brazilian Alberto Santos Dumont getting ready to fly his Demoiselle in Paris

Brazil Celebrates in Paris 100 Years of Aviation Father’s Demoiselle Flight

Past and present will be side by side at the Salon International de l'Aéronautique ...

1 Million Cubans Learning to Speak Brazilian Portuguese

During a visit, yesterday, to BrasÀ­lia, the Cuban Minister of Foreign Relations, Felipe Peréz ...

Brazil Varig Airline’s Logo Turns Orange, Its New Owner’s Colors

Brazil's once flagship airline has very little of its past glory left. Now, it ...