logo
Share SHARE
FONT-SIZE Plus   Neg

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

Luxembourg-based ArcelorMittal (MT) 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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Toyota is working on developing an electric car with a fast charging battery, the Chunichi Shimbun reported on Tuesday. Travelers leaving Comic-Con International in San Diego last weekend were in for a rude shock after United Airlines said that comic books were banned in their checked luggage. United Airlines claimed it was a Transportation Security Administration or TSA-mandated rule for all airlines operating out of San Diego over this weekend. A Singapore-based startup wants to make cryptocurrencies like Bitcoin go mainstream and be available for everyday transactions. TenX has built an app that serves as a digital wallet connected to the Visa card. The debit card will instantly convert multiple digital currencies into fiat money such as the dollars, yen and euros.
comments powered by Disqus
Follow RTT