Brazilian Railway Project will be Ready by 2012

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.