October 12, 2008

ArcelorMittal wants 70% iron ore sufficiency by 2012

Reuters reported that the world's top steelmaker ArcelorMittal wants to supply up to 70% of its own iron ore needs by 2012 to mitigate against rising raw material prices.

Mr Malay Mukherjee a member of ArcelorMittal's six person group management board in an interview at a mining conference in Singapore said that “Our plan is to be 65 to 70% self sufficient in iron ore by 2012. We're now at 45%.”

Mr Mukherjee said that the company also intends to boost its steel production by 18% or 20 million tonnes to 130 million tonnes per year in the same period.