The FI-FGTS investment fund has approved financing of $385 million for the national steel company CSN. The loan will be used to expand the port of Itaguai, in Rio de Janeiro state in Brazil, which is used to handle iron ore and coal.

In addition to the investment from FI-FGTS, CSN is committed to spending $169 million of its own money.

The project involves boosting discharge capacity, warehousing and iron ore loading by 34%, with capacity rising from 45mt (million tonnes) per annum to 60mt. Work should take two years to complete.