China’s Wuhan Iron & Steel Co Ltd no longer has a contract to build a 5-million-tonne-a-year steel mill at the Port of Açu northeast of Rio de Janeiro, LLX Logistica SA the port’s owner, told Reuters on Thursday.

Wisco, China’s No. 4 steelmaker, let the contract to lease land at the port and build a mill lapse several months ago, LLX said. LLX is controlled by Brazilian billionaire Eike Batista.

The $5 billion mill was to have been the largest-ever Chinese investment in Brazil. The mill was to be a key part of a port complex, now under construction, that includes an iron ore export terminal, a shipyard, power generation plants and railway access...

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