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CVRD opens Norwegian alloy unit

Bnamericas Published: Tuesday, July 01, 2003
Rio de Janeiro-based mining and metals giant CVRD (NYSE: RIO) opened a new manganese alloy plant in Mo i Rana, Norway on Monday. The unit, dubbed Rio Doce Manganese Norway, was acquired from Oslo-based metals and materials group Elkem for US$17.6mn in February this year. The plant has initial installed capacity of 50,000t/y, with production to be aimed at Europe, but output could increase depending on market conditions. CVRD invested US$2mn in the plant to transform it from a chrome alloy producer. The unit strengthens CVRD's position in the world ferroalloy marketplace and its plan to expand its ferroalloy business in continental Europe, the company said previously. "The ferroalloy unit is positive for CVRD and reinforces its role as a supplier of inputs for the global steel industry," Edmo Chagas, an analyst from UBS Warburg, told BNamericas. The Norwegian plant is CVRD's second in Europe. The company also operates a manganese alloys plant in Dunkerque, France via its wholly owned subsidiary RDME. CVRD is a leading player in the global manganese and ferroalloy market. It owns and operates four manganese mines in Brazil (Azul, Urucum, Morro da Mina and MMN) and, apart from the Norwegian facility, has seven ferroalloy plants (Corumba, Santa Rita, Barbacena, Rancharia, Sao Joao Del Rey, Sibra and RDME). The company's annual production capacity stands at 2.3Mt of manganese ore, 450,000t of manganese ferroalloys and 25,000t of calcium silicon alloy. CVRD is also the world's largest producer and exporter of iron ore, and has a range of other metals, mining and logistics interests.

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