Russian billionaire Igor Zyuzin’s Mir Steel UK agreed to invest $5 billion in a steel complex in Brazil with Cia. Siderurgica do Para, Valor Economico reported.
The joint venture’s project in the northern state of Para will include a slab mill and a port, the Sao Paulo-based newspaper reported, without saying where it got the information.
Zyuzin will control 75 percent of the investment through Mir Steel UK, Valor said. Cosipar, as the Maraba, Brazil-based company is known, will have the additional 25 percent through its pig iron producer Usipar, Valor said.