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
After moving modestly higher in morning trading, stocks showed a substantial move to the downside over the course of the trading day on Wednesday. The major averages pulled back well off their highs for the session, sliding firmly into negative territory. Ebola "czar" Ron Kain is scheduled to meet with President Barack Obama on Wednesday as he begins his efforts to coordinate the government's response to the deadly disease. Klain, who previously served as chief of staff to Vice President Joe Biden and then-Vice President Al Gore, was named as Ebola Response Coordinator last Friday. Potentially complicating the outlook for control of the Senate, the results of a SurveyUSA poll conducted for WXIA-TV in Atlanta suggest that the Georgia Senate race between Republican David Perdue and Democrat Michelle Nunn could be headed for a runoff.
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.