Mr Michel Wurth a member of the group management board of ArcelorMittal during a steel conference in London told delegates that the best way to cope with volatility in steel prices could be greater integration or increasing capacity, but futures contracts won't help.

Mr Wurth said that studies showed that futures brought further volatility to markets and that ArcelorMittal did not see any use for the contracts.

ArcelorMittal along with other several major steel producers, has repeatedly dismissed efforts by exchanges to offer steel futures to the USD 800 billion industry.

He said that becoming a much more integrated steel producer could be a solution adding that the company was trying to boost its self sufficiency in iron ore, currently just below 50% to around 70% by 2012.

Mr Wurth said the company was aiming to increase its shipments and its capacity. We are investing in green field capacity. It’s roughly another 25 million tones.”