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MEI Online: Commodities: Metallic Ores: Iron: Latest News: June 10th 2003

:: CVRD and NUCOR Announce Pig Iron Project  

Companhia Vale do Rio Doce (CVRD) and Nucor Corporation (NUCOR) announced that they have signed an agreement to construct and operate an environmentally friendly pig iron project in Northern Brazil. The project will utilize 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 CarajŠs mines in Northern Brazil. The charcoal source will be exclusively from eucalyptus trees grown in a cultivated forest of 82,000 acres with the total project encompassing approximately 200,000 acres. 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.

"The use of a cultivated forest to produce charcoal allows for an environmentally friendly approach to pig iron production since the forest will consume more carbon dioxide than will be emitted by the mini-blast furnaces." stated Dan DiMicco, NUCOR Vice Chairman, President and CEO. "We look forward to a long relationship with CVRD and hope this is only the first of many projects together."

"This agreement is the first step in our partnership with NUCOR since we announced our intentions to cooperate one year ago, and we are very happy with it." Roger Agnelli, CVRD CEO commented. "This undertaking is intended to leverage iron ore sales and to indirectly increase CVRDís penetration in the North American market, which is in line with the strategy of generating value for shareholders by focusing on mining. It is a victory for both companies, Brazil and the environment."



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