Breaking News
FONT-SIZE Plus   Neg
Share SHARE

Bloomberg: ArcelorMittal To Boost Brazilian Iron Ore Output Next Year By 65%

RELATED NEWS
Trade MT now with 

Luxembourg-based ArcelorMittal (MT: Quote) plans to increase output of iron ore, a key ingredient for making steel, in Brazil by about 65 percent in 2013, Bloomberg reported quoting Sebastiao Costa Filho, the firm's mining business chief in Brazil.

The move is aimed at enhancing the steel giant's self efficiency of the ingredient as demand for steel increases with growth in emerging economies. Since iron ore is the major ingredient for steel, the recent price increases for it have led to escalating production costs for steel companies.

The company intends to increase output in Brazil to 7.1 million metric tons in 2013 from the estimated production of 4.3 million metric tons in 2012. ArcelorMittal is investing $125 million in the country to expand its iron ore mines.

The company targets production of 100 million metric tons by 2015, compared to 54 million tons produced in 2011, and is looking at Canada, Brazil and Liberia to achieve this. The company is also seeking port concession in Rio de Janeiro as access to a terminal will help it send iron ore abroad.

MT closed on Friday at $20.76, up $0.16, on a volume of 4.98 million shares.

Register
To receive FREE breaking news email alerts for Arcelor Mittal and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
The Swiss economy stalled in the second quarter as the improvement in household spending was insufficient to offset the weakness in exports and investment in construction. Gross domestic product remained flat from the first quarter, when it accelerated to 0.5 percent, the State Secretariat for Economic Affairs said Tuesday. Economists had expected GDP to rise 0.5 percent in the second quarter. Policymakers of Reserve Bank of Australia decided to maintain its record low interest rate once again as they continue to assess that the most prudent course is a period of stability in interest rates. The monetary policy board retained the cash rate at 2.50 percent. The rate has been at the current level since August 2013. A ban on athletes using stamina-boosting gases - xenon and argon - came into effect on Monday. The World Anti-Doping Agency (WADA) said Hypoxia-Inducible Factor (HIF) activators Xenon and Argon have been added to the 2014 List of Prohibited Substances and Methods List following the required three-month notice period and UNESCO's communication to all States Parties. A recommendation to revise the
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.