Vale, the world’s largest iron-ore miner, will build a $3.7 billion steel plant in Brazil’s northern state of Para. The Rio de Janeiro-based company will spend $3.3 billion to construct the facility, which will produce hot laminated coils, heavy plates and lumps with an initial production capacity of 2.5 million metric tons per year. Vale will also set aside $275 million for construction of a port facility and $125 million for a railroad. Work on the steel plant should begin in May 2010 and end by 2013. In the operation phase, around 3,500 direct and 14,000 indirect jobs will be created.

Vale also presented a project for a steel plant in Achieta, Espirito Santo. The facility, which would have an annual production of 5 million metric tons of steel slab, is expected to be in operation by 2014 and create a total of 18,000 new jobs. The project, however, is currently in the development phase and Vale is still looking for a partner.