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Your email address will not be published.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

Arab Mission Proposes Joint Ventures with Brazil

Bilateral trade (export plus imports) between Brazil and the Arab countries was over US$ ...

Brazilians Search Foreign Partner for Ground-Stone Fertilizer Venture

Established by two geologists from the midwestern Brazilian state of Mato Grosso, RockAll Fertilizantes ...

Wedding Gown

I’ll make a scandal. If I tell something I know!… Don’t provoke me, Alaíde. ...

Happy Days of Grapes and Wine at Brazil’s Sí£o Francisco Valley

The São Francisco River Valley, in the Northeast region of Brazil, is considered one ...

Bazilian NGOs Urge Lula to Up State Presence in the Amazon

Various non-governmental organizations (NGOs) addressed a letter yesterday to President Luiz Inácio Lula da ...

The Typical Brazilian Homeless Is a Young Black Man with a Job

Male, between the ages of 25 and 44, black, literate, with a paying job.  ...

Chavez Withdraws Ultimatum to Brazil While Waiting to Get into Mercosur

Venezuelan President, Hugo Chávez, warned on Wednesday that if Venezuela's entry into Mercosur is ...

BNDES’s Role in Brazil’s Agriculture

The Secretary of Agricultural Policy of the Brazilian Ministry of Agriculture, Ivan Wedekin, was ...

Brazilians Hit Record High in Satisfaction and Expectations

Brazilians have never been so happy with the present and so confident with the ...

US Inflation Brings Brazilian Stocks Tumbling Down

Brazilian stocks plummeted, in line with the U.S. market, as investors reacted to disappointing ...