In April, Vale celebrated the operational startup of its joint venture with Anyang Iron & Steel Group at a ceremony in China. The new pelletizing plant, which is capable of producing 1.2 million tons per year, has received a total investment of US$95 million.
The unit will contribute to the development of the local economy by generating jobs. The partnership established in October 2010 resulted in the creation of Anyang Yu Vale Yongtong Pellet Co. Ltd., in which Vale has a 25% stake.
China accounted for more than 33% of Vale’s operating revenue last year and is the company’s largest customer in this sector. The startup demonstrates the importance of the Chinese market to the mining company.