China is planning to transfer 10 million tons of steel capacity to Brazil, and several largedomestic steel companies — including Ansteel, Masteel, Baosteel and Wuhan Iron andSteel — have all expressed interest, according to Zhang Shengsheng, general manger of aninvestment company.
The move will not only help to cut steel overcapacity in China, it will also help avoid theanti-dumping and anti-subsidy trade investigation that has been launched by Westerncountries against China, said Zhang.
The Brazilian government looks forward to the new project, which will boost localemployment and increase tax revenue. In exchange, Brazil has agreed to provide 20 squarekilometers of land for free. Legal proceedings are already underway.
Details of the project are still being discussed, including market demand, equipment andreturn on investment. If all goes according to plan, the project will not only meet Braziliandemand, but will also cover the needs of other South and North American countries,according to Xu Zhongbo, vice-president of the preparatory committee for the project.
Besides Brazil, India has also expressed interest in purchasing Chinese technologies andequipment, as was discussed during the 9th China International Steel Congress held inBeijing on May 16.
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