Vale (NYSE:VALE) has announced that it will open a $573 Million steel mill in Rio de Janeiro state. The mill will be used to process steel from plate to sheet form and will be built by Companhia Siderugica do Atlantico. The plant will be open within the first half of 2010.
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Formerly Companhia Vale do Rio Doce, Vale S.A. is a metals and mining company. A producer of iron ore and iron ore pellets, Vale produces manganese ore, ferroal, kaolin, bauxite, alumina, aluminum, copper, coal, cobalt, precious metals, potash, and other products. Vale sold its stake in Usinas Siderurgicas de Minas Gerais SA in March of 2009.
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