Reportedly, Zamin Ferrous, an international group with leading supplier of direct reduction and blast furnace iron ore pellet fines to the global steel industry plans to set up iron ore operations in Brazil’s Northern Amapá state. Meanwhile, the company expects to invest US$120 million in the project which divided into two phrases. The first phrase, Zamin will be able to invest half this total to build a pig iron blast furnace and it expects to be completed within approximately 18-22 months. For the second phrase, the company will expect to invest in steel production project. However, the company didn’t address the specific steel product would be produced by the new steelworks and there’s no any further details with timetable to reveal so far.