ArcelorMittal and Vale plan to jointly establish a steel mill in Brazil
Published: 14 Oct 2009 17:30:45 PSTOctober 14 MetalBiz--ArcelorMittal and Vale plan to jointly establish a flat product mills with 5mln tons of annual capacity in Espirito Santo. Aditya Mittal, chief financial officer of ArcelorMittal is carrying out the investment evaluation to the project.
Aditya Mittal also revealed that it will restart a halted investment plan with U.S. $5mln in Brazil due to the financial crisis and said that the scales of company' s other investment projects in evaluation will far exceed this plan. He added that because the company hopes the iron ore self-sufficiency to reach 60%-70% of demand, it chooses Brazil and India as the new targets for investment.
Presently ArcelorMittal owns another steel mill in Espirito Santo with 7.5mln tons of annual capacity.
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