Corporate Brazil is coming of age in other ways too. A new personage, the Brazilian multinational, has appeared. Companhia Vale do Rio Doce (CVRD), privatised in 1997, last year became the world's second-largest mining company when it acquired Inco, a Canadian nickel producer. Gerdau has become the biggest producer of long steel products in the Americas (and has vaulted trade barriers) by buying operations in nine countries, including the United States. Embraer is the Boeing of the regional-jet market. Last year, boosted by the CVRD acquisition, Brazil for the first time invested more abroad than foreign companies did in Brazil.

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