Bolivian President Evo Morales approved a $396 million credit from the Bank of Exports and Imports of China for the construction of the Mutun steel plant, El Deber reported April 3. The plant will be built by Chinese company Sinosteel Equipment and Engineering and is expected to be operational in 42 months. Morales said the steel plant is part of Bolivian plans to industrialize both steel and lithium . Chinese investment in the plant is part of China's larger strategy to expand its investment in South American projects .