Press release
Investment Accelerates at Pecém Port Expansion
PFE Steel, the world's fifth biggest steel producer, is considering making a sizable investment in the steel slab plant being constructed by Brazil's Vale and two Korean companies, Dongkuk and POSCO.JFE said the plant, to be built in the Pecém district in the state of Ceara, would have an annual steel slab output capacity of 5 million to 6 million metric tons.
The multibillion reais investment in Pecém continues to attract multinational megacorporations, especially in the energy, commodity and materials sectors. We are still at the beginning of this process, and already local areas are experiencing a shortage of rental housing. In nearby Cumbuco, companies are coming in and looking to rent entire developments. Looking over the local landscape, the most apparent need is for middle-income housing, especially in Pecém and Caucaia.
Meanwhile, on a recent visit to Pecém, President Dilma Rousseff confirmed that in the event of global economic slowdown, Brazil's government will react by spending more on infrastructure:
"We are stronger. We will not address this crisis with recession. Let's face crisis with more projects," President Dilma Rousseff said today during a visit to Pecém Steel Company's ongoing development in Ceará. She cited the construction of the project as an example: "We will defend ourselves and generate jobs and income, defending our internal market."
In a difficult global investment climate, large-scale infrastructure developments provide the best opportunities for generating healthy returns in a safe investment climate. The cooperative steel venture in Pecém will generate 24,000 jobs in the current phase 1, with 14,000 jobs generated in phase 2, commencing in 2015.
Global slowdown will not impair this process. The steel plant and massive Petrobras refinery are just two of many large industrial developments in process in Pecém. With the first of two power plants coming online during the second half of 2011, expect to see more large corporations creating investment plans for Ceará.
MDMY Investment is a Brazil-based and operated Investment Company specializing in the Real Estate Development, Construction, Tourism, Security, and Environmental sectors. We offer overseas investors secure, high-yielding investment opportunities in several of Brazil’s fastest-growing business environments.
MDMY Investment S/A
Sala 1106, 1200 Av. Dom Luis
Aldeota
Fortaleza, Ceará, Brazil
61.160-230
Scott Johnson
Investor Relations
scott@mdmy.com.br
http://www.mdmy.com.br
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