The world's largest steelmaker ArcelorMittal is in talks with China's third biggest steel producer Wuhan Iron and Steel (WISCO) with a view to joint development of overseas mining projects, thereby reducing costs.
In this context, Peter Kukielski, head of ArcelorMittal's mining division, visited WISCO last week for discussions. On Monday, August 16, WISCO issued a statement stating that ArcelorMittal is seeking to work with WISCO on iron ore projects via joint development and investments.
As WISCO commented in its statement, ArcelorMittal has 26 iron ore mines with an annual production capacity of 51 million tons and aims to expand to 100 million tons by 2015. Mr. Kukiekski had stated in March this year that ArcelorMittal was looking at plans for mining in countries including Liberia, Senegal and Mauritania.