FIRST-PHASE TRANSFER OF CHINESE STEELMAKING TO BRAZIL WILL BE 3 MILLION TONS

China is planning to move a steelmaking capacity of 10 million tons toBrazil . The first-phase transfer will be 3 million tons, according to insiders.

A number of large Chinese steelmakers having advanced production equipment will form an alliance to transfer capacities. The move will help step up reduction of excess capacities at home.

The Brazilian government sees tax and job increases to be fueled by the capacities from China despite local steelmakers are not willing to see that, showing that it will provide a 20-square kilometer land free of charge and it is pressing ahead legal procedures.