But in 2006, it embarked on a massive investment and construction project to build blast furnaces which use iron ore and coking coal to produce high-quality virgin steel for cars, ships and consumer durable goods.

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Upstream producers such as Brazil's Companhia Vale do Rio Doce (CVRD), the world's largest producer of iron ore and pellets, are trying to get into the business of making quality steel.

ECONOMIST: On a roll | The