Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

China's Wuhan Steel scraps Brazil steel mill plans  Join our daily free Newsletter

MENAFN - 11/11/2012

No. of Ratings : 0
Add to Mixx!


 


(MENAFN) China's No.4 steelmaker Wuhan Iron and Steel Group, decided to scrap plans to set up a steel mill in Brazil after negotiations on infrastructure investment failed, Reuters reported.

Deng Qilin, President of Wuhan, said the company's Brazilian partners had failed to provide the necessary conditions for Wuhan Iron and Steel to invest.

Deng added that due to the ongoing difficulties facing the global steel sector, Wugang would no longer consider any other overseas steel mill investments, with the market already too crowded and profits too low.

Earlier this month, the Brazilian partners, LLX Logistica SA, said that talks on the steel project at the port of Acu were now "dormant" and that the two sides had not met for months.

Wuhan currently produces 10 million metric tons a year from overseas operations, and its 60 million-metric ton target would take more than five years to achieve, Deng said.

 






  MENA News Headlines


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help