Dongkuk Steel says to invest $730 mln in JV with Vale

Reuters / Ju-min Park / 9 Dec 2011


South Korea's Dongkuk Steel said on Friday it had decided to invest 825.6billion won ($729.7 million) in its joint venture with Brazilianmining giant Vale.

The Cia. Siderurgica de Pecem (CSP) joint venture, in whichSouth Korea's POSCO is also a stakeholder, is designed to produce 3 million tonnes per year of slabs in its first phase, most for export to Korea.

The completion of CSP's slab production plant is expectedin 2015, Dongkuk said in a filing to the Korea Exchange. ($1 = 1131.5000 Korean won)

Vale press release