Business News Americas reported that Brazilian mining giant Vale's efforts to regain domestic market share include the strengthening of partnerships, such as the one with Korean steelmaker POSCO at the USD 4.34 billion Companhia Siderúrgica do Pecém steel mill in Ceará state.

Mr Murilo Ferreira CEO Vales said that "As the CSP plant is located in Brazil's northeastern region, we should see a significant development over the coming years."

Vale holds a 50% stake in CSP, Korean steelmaker Dongkuk has 30% and POSCO owns the remainder.

According to Mr Ferreira, the current macroeconomic scenario is favorable to Vale, since the Brazilian currency has gone through a depreciation period, unlike what happened in the Thyssenkrupp CSA project, when there was a strong currency appreciation.

He said that Vale estimates that the company must reach a 29% market share in Brazil by 2015.

He added that "Vale has had over 70% of the domestic iron ore market in the past. Therefore, it is an important issue for us to regain market share locally."