The municipality of Rio de Janeiro, Brazil’s second-largest city, ordered steel slab mill Cia Siderúrgica do Atlántico SA to halt operations, alleging it does not have an operating license. According to the city’s official gazette, CSA would incur in a daily fine of $281 if it refuses to stop operating.
CSA is 73 percent-owned by Germany’s ThyssenKrupp AG , which is currently seeking to divest its stake in the money-losing mill.
Calls to Rio’s industry secretariat and the company’s media office for comment were not immediately answered.
CSA is the largest foreign investment project ever in Brazil, at a cost of $10 billion. It started operations late in 2010.