Wuhan Loses Contract To Build Steel Mill

Reuters reported China’s Wuhan Iron & Steel Co Ltd no longer has a contract to build a 5-million-tonne-a-year steel mill in Rio de Janerio.

As quoted in the market news:

Wisco, China’s No. 4 steelmaker, let the contract to lease land at the port and build a mill lapse several months ago, LLX said. LLX is controlled by Brazilian billionaire Eike Batista.

The $5 billion mill was to have been the largest-ever Chinese investment in Brazil. The mill was to be a key part of a port complex, now under construction, that includes an iron ore export terminal, a shipyard, power generation plants and railway access.

Click here to read the full Reuters report.