ArcelorMittal to invest US$125 million in Brazilian iron ore to enhance output
The world’s steel giant ArcelorMittal said that it intended to invest US$125 million in its iron ore mines in Brazil in order to increase their production by 65% by next year.
It’s known that the iron ore prices have jumped nearly 150% over the past three years. The company planned to increase its global iron-ore production to 100 million tons by 2015.
Iron ore and coal represent 80% of steel production costs. Thus, more costs they reduce the more competitive they become in steel market.