By Brazil Stock Guide – Brazilian mining and logistics group Cedro Participações has named industry veteran José Carlos Martins as chairman, replacing founder Lucas Kallas, who will focus on developing new business ventures.
Martins has served on Cedro’s board since the company was founded in 2018 and previously held senior executive positions at Vale and steelmaker CSN. Cedro said it will also appoint two additional independent directors as it strengthens its corporate governance.
“Martins is one of the most respected names in Brazil’s mining and infrastructure sectors,” Kallas said. “His experience gives us confidence as we move forward with our expansion plans.”
Cedro produces about 7 million metric tons of iron ore annually at its Nova Lima and Mariana operations in Minas Gerais and generates roughly R$ 2.5 billion in annual revenue. The privately held company employs more than 3,000 people.
The group is carrying out a R$ 5 billion investment plan through 2030 aimed at increasing annual iron ore output to 20 million tons, with a focus on high-quality pellet feed.
Its expansion projects include additional mining capacity in Mariana, the Serra Azul short-line railway in Minas Gerais and the Porto do Meio terminal in Itaguaí, Rio de Janeiro. Cedro said the investments could make it Brazil’s first privately held iron ore producer to control the entire supply chain, from extraction to shipment.
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