Metal companies to make green payouts in Brazil


Iron-ore storage stie at the Tubarão Complex (Photo courtesy Vale S.A.)

Under pressure from state and federal authorities, major steel, iron ore and aluminum producers operating in Brazil have pledged to spend a total of US$617.5 million on environmental upgrades and payouts to pollution-impacted communities. The agreements, reached in September, represent Brazil’s biggest private-sector payouts in recent years to address pollution problems. Brazil’s Vale, a global iron-ore giant, and the Luxembourg-based ArcelorMittal, the world’s largest steel maker, account for the bulk of the payouts, thanks to an agreement they reached on Sept. 21 with the Espírito Santo state Environment and Water Resources Secretariat (Seama) and state and federal prosecutors. The two companies committed to invest R$1.84 billion (US$501 million) over the next five years to cut emissions of iron... [Log in to read more]

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