SOURCE: Industrial Info Resources

Industrial Info Resources

September 21, 2010 05:10 ET

ArcelorMittal Plans $4 Billion in Investments to Secure Iron Ore Supplies, an Industrial Info News Alert

BANGALORE, INDIA--(Marketwire - September 21, 2010) -  Researched by Industrial Info Resources (Sugar Land, Texas) -- The world's largest steelmaker, ArcelorMittal (NYSE:MT) (Luxembourg), has announced extensive plans to increase efficiency and secure its supply of iron ore for the next five years. The moves are aimed to make the steelmaker self-sufficient in iron ore supplies and boost its overall iron ore production to 100 million tons per year by 2015. In addition to the $2 billion in cost cuts, ArcelorMittal intends to invest up to $4 billion over the next five years in an effort to counter the moves by the so-called "big-three" iron ore suppliers -- Vale SA (NYSE:VALE) (Rio de Janeiro, Brazil), BHP Billiton Limited (NYSE:BHP) (Melbourne, Australia) and Rio Tinto plc (NYSE:RTP) (London, England) -- to raise iron ore prices and switch to quarterly contract pricing rather than the previous standard of annual contracts.

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