Chilean steel and iron ore producer CAP said on Tuesday it has postponed plans to invest around $2.2 billion to double its steel output indefinitely because of the global financial crisis. But, CEO Jaime Charles told the Reuters Latin American Investment Summit in Santiago he expected the slide in sales to slow after they fell 38 percent in the first quarter.
CAP is operating at 60 percent of its liquid steel output capacity, Charles said, forecasting CAP's iron ore output would rise to 8.5 million tonnes this year from 7.7 million tonnes in 2008. He said the company was extending its horizon to invest $1.5 billion to boost its iron ore output.
Source: Reuters
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