Posco Gets Board Approval for Brazil Plant With Vale, Dongkuk

Posco (005490), the world’s third-largest steelmaker by output, said its board approved a plan to invest in a mill venture in Brazil with Vale SA (VALE3) and Dongkuk Steel Mill Co.

Posco plans to buy a 20 percent stake in the project, Jeong Jin Suk, a spokeswoman at the Pohang-based company, said by phone today. The three companies signed an initial agreement in November to build a plant with an annual capacity of 3 million metric tons of slabs.

To contact the reporter on this story: Sungwoo Park in Seoul at spark47@bloomberg.net

To contact the editor responsible for this story: Shinhye Kang at skang24@bloomberg.net

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