September 17,
ArcelorMittal, the $65-billion steel manufacturer plans to spend $4 billion to increase Iron-ore production to 100 million MT by 2015 in order to become self-sufficient in the raw material required for making steel.
The company’s head of mining, Peter Kukielski, said that the target is expected to be achieved through greenfield mines development in West Africa as well as brownfield expansions and efficiency improvements at many of the Group’s mines.
The motive behind the investment is towards seeking self sufficiency in the raw material after the big three Iron ore miners raised prices and switched over to quarterly contract pricing over the annual contracts previously, in March this year.
Leave a Reply