This excerpt taken from the GGB 6-K filed Jun 10, 2005.
Expansion and technological update at the Ouro Branco mill The technological updating and capacity increase of 1.5 million metric tons at the Ouro Branco (MG) mill is moving forward. The investment of US$ 1.1 billion will be used in a new a coking oven, new sinterizing plant, a HPS (Hybrid Pelletized Sinter) for the existing sinterizing unit, a new blast furnace, a bloom continuous caster, a Dephosphorization System, the expansion of the existing thermo-electric and the expansion of rolling mill #1, among other improvements made to the productive process. All of these projects are in compliance with the environmental agencies regulations. To finance the project, the Company got, on December 2004, the first line of credit of US$ 240.0 million with the ABN Amro Bank N.V. , the Bank of Tokyo-Mitsubishi and UFJ Bank Limited, with a Nippon Export and Investment Insurance (NEXI), a Japanese government-related agency. In April this year, contracts in the amount of US$ 236.0 million were signed with the Chinese companies Minmetals Development Co. and China Metallurgical Construction (Group) Corporation for the acquisition of the coking oven, the sinterizing unit and the blast furnace. This contract includes the equipment, know-how services, supervision and training regarding these units.