Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: elmatador who wrote (72404)	2/9/2010 1:03:02 AM
From: Snowshoe	Read Replies (1) of 74559

Hogging the resource... Brazil May Tax Ore Exports, Seeks More Steel Plants bloomberg.com Brazilian President Luiz Inacio Lula da Silva has been pushing Vale SA, the world’s biggest iron-ore miner, to step up investments in steelmaking and create more jobs in the country instead of sending ore abroad for processing. The government “wants more” from Vale than the $17 billion it plans to invest in Brazilian steelmaking through 2014, Lobao said. “We are thinking about imposing an export tax on iron ore and removing taxes on finished” and value-added goods such as steel and steel plates, Lobao said late yesterday in an interview at his office in Brasilia. “It makes no sense to export iron ore to China and then buy Chinese steel plates.”

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