Mainland steelmaker China Brazil Xinnenghuan International Investment plans to invest US$3.5 billion to build a plant in Bacabeira in Brazil’s Maranhão state, according to a report by online news portal Macauhub.

The plant would be capable of producing 3 million tonnes of steel annually, the website reported, citing an announcement by the Brazilian government.

China Brazil Xinnenghuan International Investment may invest an additional US$4.5 billion to boost production to 10 million tonnes of steel annually.