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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.
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