Brazilian Railway Project to be Ready by 2012

16 September 2010 (Last Updated September 16th, 2010 18:30)

Companhia Siderurgica Nacional (SID) said that its Nova Transnordestina project in Brazil will be completed by the end of 2012. The $2.6bn project includes the construction of an additional 1,728km of large-gauge railway track. The project will allow the steelmaker to carry abou

Companhia Siderurgica Nacional (SID) said that its Nova Transnordestina project in Brazil will be completed by the end of 2012.

The $2.6bn project includes the construction of an additional 1,728km of large-gauge railway track.

The project will allow the steelmaker to carry about 30 million tons of cargo annually in the north-eastern part of the country.

The development will receive 60% of its funding through debt and 40% through capital injections.

SID has a 56% stake in the project, which is supported by the federal government and state-owned Brazilian Development Bank.