ArcelorMittal to boost own iron ore supplies
The world's largest steel company, ArcelorMittal, said Thursday it aimed to boost its own iron ore production 40 percent by 2015 by investing some four billion euros (5.1 billion dollars).
For this year, iron ore production is estimated at 69 million tonnes and should rise to 100 million tonnes as the steel giant increases output at its own mines, it said in a statement for investors.
The iron ore market, which has seen prices rise sharply on booming demand from China, is dominated by three giant players -- British-Australian combines Rio Tinto and BHP Billiton plus Vale of Brazil.
ArcelorMittal stepped up efforts to secure its own ore three years ago and the 2015 target will be based on developing mines in West Africa and increased efficiency at other projects in Canada, Kazakhstan, Ukraine and Liberia.
ArcelorMittal head Lakshmi Mittal told investors the group was now stronger than before the global financial crisis.
© 2010 AFP