Brazil’s Vale says it plans to increase investments in 2010 to $12.9bn, a 43% hike over $9bn in 2009.
The decision was made by the iron ore producer following a meeting with Brazil’s President Luiz Inacio Lula da Silva, Vale chief executive Roger Agnelli said.
Go deeper with GlobalData
“It’s the largest investment in Brazil ever carried out by a private company,” Agnelli added.
The total investment, however, is still less than the $14bn initially announced by Vale before the global economic downturn compelled the company to reduce the amount.
The new investment proposal still exhibits low investment of 3% in the steel sector as against 31% for non-ferrous metals, 30% for ferrous metals and 21% for logistics.
Allocation for the remaining 15% has not yet been disclosed.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
