China's Largest Ever Overseas Investment

The Shanghai-based Baoshan Iron & Steel Co Ltd launched a project with a Brazilian mining firm on February 2 to build a giant joint venture in Brazil, which will be China's largest-ever overseas direct investment.

The Chinese government has approved the project, which was launched with Brazil's biggest mining company, Companhia Vale do Rio Doce (CVRD). The joint venture will be established in Saint Louis, said Xu Lejiang, vice-president of Baoshan.

However, the company did not reveal details of the investment figures or the production capability of the project.