Brazil’s Steinbruch backs mining limits – report

* Steel magnate supports limits on foreign ownership

* Chinese purchases of Brazil mines seen as a concern

SAO PAULO, Aug 22 (BestGrowthStock) – Brazil’s government should
restrict the ownership by foreigners of farm land, mineral
resources and other “strategic assets,” billionaire and steel
magnate Benjamin Steinbruch told O Estado de S. Paulo newspaper
in an interview on Sunday.

Steinbruch, chief executive of steelmaker Cia. Siderurgica
Nacional (CSNA3.SA: )(SID.N: ), said of particular concern is the
purchase of iron ore mines by Chinese companies, the daily
reported.

“China is a global powerhouse. From the moment it has
ownership of the primary resource, being the biggest consumer
of iron ore, it can put others out of the game,” said
Steinbruch, who is also president of the Sao Paulo State
Industry Federation, a powerful lobby group representing
Brazil’s biggest manufacturers.

He also added candidates for Brazil’s October presidential
elections should be concerned about those issues because they
affect “national sovereignty.”

Steinbruch told Estado that CSN, as the steelmaker is
known, is on the lookout for acquisitions in the United States
and Europe, focusing on steel, cement and mining assets, after
a failed attempt this year to take over Portuguese cement maker
Cimpor (CPR.LS: ) for about $5.5 billion.
(Reporting by Elzio Barreto; Editing by Derek Caney)

Brazil’s Steinbruch backs mining limits – report