China's Wuhan Iron Halts $5B Steel Mill Project In Brazil

Law360, New York (November 9, 2012, 5:54 PM EST) -- Wuhan Iron and Steel Group Corp. has suspended a $5 billion project to build a steel mill in southeastern Brazil with Brazilian conglomerate EBX Group, according to a news report Friday.

Deng Qilin, chairman of WISCO, the fourth-largest steelmaker in China, told the Wall Street Journal on Friday that the lack of rail infrastructure for the site in the state of Rio de Janeiro had led to budget overruns.

Deng added that the joint venture agreement with EBX is still in place, according to the WSJ...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.