AcelorMittal to Invest $4bn on Iron Ore Expansion

16 September 2010 (Last Updated September 16th, 2010 18:30)

ArcelorMittal is planning to invest $4bn to increase iron-ore production to 100 million metric tons by 2015. The world's largest steelmaker is looking to develop coal assets through joint ventures and expand projects and build mines in West Africa. The company is seeking to increa

ArcelorMittal is planning to invest $4bn to increase iron-ore production to 100 million metric tons by 2015.

The world's largest steelmaker is looking to develop coal assets through joint ventures and expand projects and build mines in West Africa.

The company is seeking to increase its self-sufficiency in raw materials after prices for iron ore and coking coal surged this year due to demand from China.

The company produces 60 million tons of ore annually, reports Bloomberg.