Nippon Steel to boost ties with Brazil miner CVRD
Japanese steel maker Nippon Steel Corp. and Brazilian mining giant Companhia Vale do Rio Doce said on Monday they had agreed to strengthen their strategic alliance and were considering further projects together such as the joint development of coal and iron ore.
The two companies said in a joint statement that they intended to increase cooperation on two jointly held companies, Nibrasco and MBR.
Nibrasco, which manufacturers iron pellets, is 51 percent held by CVRD and 25 percent held by Nippon Steel, with other firms holding the remaining 24 percent, a Nippon Steel spokesman said.
Miner MBR is 90 percent held by CVRD with the remaining 10 percent held by Japanese firms. Of that, Nippon Steel holds 2.3 percent, the spokesman said.
Both Nibrasco and MBR are located in Brazil. The companies also agreed to cooperate on ferro alloys, logistics and technical issues, the statement said.
(Published by Reuters, December 18, 2006)