Nucor pulls out of Brazilian pig iron venture with CVRD

Apr 20, 2007 | 03:35 PM | Maria Guzzo

Nucor Corp., Charlotte, N.C., has pulled out of joint venture to make pig iron in Brazil.

Nucor said it sold its interest in Ferro Gusa Carajas SA to its partner, Cia. Vale do Rio Doce (CVRD), Rio de Janeiro.

"At the end of the day, we decided the best thing to do was to move out of that venture," Daniel DiMicco, Nucor's chairman, president and chief executive officer, said during the company's first-quarter conference call. "CVRD is an important supplier and a good partner. But as far as day-to-day operations....

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