ArcelorMittal to spend 35 bln usd boosting steel capacity

ArcelorMittal is to spend 35 bln usd adding to the capacity of its steelmaking plants around the world, including 20 bln in India alone, CEO Lakshmi Mittal said in an interview with the Financial Times.

He said the capacity adds are justified by strong demand for steel in most countries, though demand is noticeably weak in the US.

The Indian expansion should see two plants in the states of Jharkand and Orissa each making 12 mln tonnes of steel a year by around 2015.

The company will spend another 10 bln in regions experiencing high economic growth, such as Brazil, Mexico, Ukraine, South Africa, Kazakhstan and eastern Europe, the FT added.