ArcelorMittal has denied reports in the Brazilian media that it intends to sell off any of its Brazilian assets. The company said that its operations in Brazil "are at the heart of the Group's strategy.”
Brazilian mining giant Companhia Vale do Rio Doce has also denied that it is in negotiations with Chinese steel manufacturer Shanghai Baoshan Iron & Steel Co to buy ArcelorMittal's Tubarao mill. The mill is located on the east coast of the Brazilian state of Espirito Santo and is directly connected to Vale's railway and high grade iron ore mines
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