Brazil is pinning hopes on CSN's successful bid to
acquire UK-based Corus to overtake India in the global
steel space, reports quoting steel industry sources in
CSN's acquisition of Corus will not only dash Tata Steel's
hopes of becoming the world's fifth largest steelmaker,
but the Latin American nation also expects to outdo both
India and Russia if CSN succeeds in the deal with Corus,
Brazilian Steel Institute (IBS) president Luis Andr Rico
Vicente was quoted in a report by Steel Business Briefing.
and Brazil currently produce around 34-38 million tonnes
of steel annually and are among the world's top ten producers.
China, on the other hand, is the world's largest steel
producer with annual production of about 350 million tonnes.
Russia has total steel production of about 54 million
tonnes per year.
is out of reach, of course, but with an eventual acquisition
of Corus by CSN, and with international expansions by
other Brazilian companies like Gerdau Group, our country
would have a good chance of passing India and Russia in
the current worldwide consolidation of the industry,"
steel output is expected to grow by over 30 per cent in
the next four years.
with availability of domestic iron ore, an experienced
of metallurgical engineers, cheap labour and a vibrant
class of steel entrepreneurs and executives, could become
the next China in the steel sector by 2011.