A Brazilian steel giant Vale and two South Korean joint venture partners revealed the investment plan for the construction of Latin America’s largest steel plant in the port area Pecém, Ceará. By the completion of the first phase of the project, in September 2015, USD 4.4B will have been invested, half of that is foreign direct investment from the Korean partners.
Up until the completion of the steel plant, Companhia Siderúrgica Pecém (CSP), it is expected to create 15,000 direct and 8,000 indirect jobs in the state of Ceará. The construction requires 315,000m³ of concrete in the first phase. This corresponds to building seven large football stadiums.
CSP is expected to annually produce 3,000,000 tons of steel plates when production starts in September 2015, which is enough to build more than 4 million cars. Construction of the second phase will be initiated in 2017 and, according to forecasts, production should double by completion. Calculations show that the production in the CSP contribute to 12% of Cearás GDP when it is in fully operational. By that time the plant will employ 4,000 workers, while it is expected to additionally add 12,000 indirect jobs in Ceará.