A Chinese investment company intends to build an 8 million tonnes per year steel mill in Brazil for flat rolled steel under China’s “Belt & Road” initiative (BRI), its backers aim to commission the plant in 2025.
The Beijing-based asset management company Easteel International Trading Group Co plans to invest a total of $20 billion over 2018-2025 to build the blast furnace-based steel mill, one of several huge industrial projects to be located in Camaçari, a city in North-east Brazil’s Bahia state. Easteel and the Bahia state government signed an agreement on May 13.
Though planning for the project is yet to be completed, preliminary plans call for construction to start in May 2022. Besides the steel plant, the Chinese company also plans to build a 1300MW natural gas-fired power plant, a 5 million t/y cement plant and a smart city that could accommodate up to 150,000 people.
The cement plant will utilize the steel works’ blast furnace slag, reducing pollutant emissions and contributing to the local building material industry. Moreover, the smart city will be built to provide a pleasant environment for employees working in the industrial park.