Nucor Corp. and a Brazilian company, Companhia Vale do Rio Doce, have signed an agreement to construct and operate a pig iron project in northern Brazil.
The project will use two conventional mini-blast furnaces to produce about 380,000 metric tons of pig iron per year in its initial phase, using CVRD iron ore from its Carajas mine in northern Brazil. CVRD and Nucor will form a joint venture company to operate the facility. It is anticipated that Nucor will purchase all of the production of the plant.
Nucor will invest $10 million in the project while CVRD's equity contribution will be the land and forest assets. The total capital of the project will be about $80 million. The ownership will be split 78 percent CVRD/ 22 percent Nucor.
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