Minmetals secures loan for steel contract in Brazil

BNP Paribas SA and Industrial and the Commercial Bank of China are the arrangers of the loan. The insurer of the loan is China Export & Credit Insurance Corp. Minmetals won the tender in April last year, beating competitors including Japan's Nippon Steel Corp.

"This is the largest export contract for metallurgical equipment and technology in China," said He Liu, project manager at Minmetals. The expansion will increase Gerdau Acominas production capacity by 50 percent to 4.5 million tonnes a year.