Word: volta
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From one of the great open-hearth furnaces poured a molten white stream-steel. The rolling mill clanked out the first structural shapes. A white-clad band struck up the national anthem. The Volta Redonda steel plant (not far from Rio de Janeiro), the most impressive industrial sight in Latin America, was officially in operation. Brazil's dream of industrial self-sufficiency was being realized...
...neat little company hotel, President Eurico Caspar Dutra, Cabinet ministers and newsmen toasted the man who had made the dream come true, Engineer Macedo Soares. Said Engineer Scares: until Volta Redonda became a reality, Brazil had been tied to an agricultural economy. From now on, Brazil would have a basic industry which would make her economically independent, raise living standards, strengthen her defenses. The guests raised their glasses to "the greatness of Brazil...
Pros & Cons. Shining, new $100 million Volta Redonda ($45 million came from the U.S. Export-Import Bank) still had plenty of "ifs" to it. Important production will not get under way before early next year, and the full output of 750,000 tons of steel per year will not be reached until even later. Volta Redonda's critics claim that the plant is badly placed, that the output will be high-cost. Iron ore must travel south from the rich Minas Geraes deposits over a rickety railroad. Coal comes north from the Santa Catarina mines by an inefficient ship...
Phony Facade. The new Brazilian enthusiasm is industrialization. But the $110 million Volta Redonda steel plant, five years abuilding, designed to make Brazil self-sufficient in steel, has yet to be inaugurated. The $13 million Quitandinha Hotel, which was to attract all the world's wealthy tourists, is virtually empty. The National Motor Factory-one of the world's most modern-has produced by itself one airplane engine in three years of operation. There is a huge movie studio outside São Paulo, brand-new and abandoned...
...authorized a $45 million loan to finance Brazilian Dictator Getulio Vargas' dream of the Volta Redonda Steel Works...