Arcelor to invest $3 billion in Brazil
Luxembourg-based steel producer Arcelor is reportedly planning to invest $3 billion in
Brazil to expand its presence in the Brazilian market.
Moreover, Arcelor plans to establish a holding company in Minas Gerais state and the governor of the state announced that it backs Arcelor's project.
As previously reported by SteelOrbis back in June, Arcelor signed an agreement with Brazilian
iron ore giant Companhia
Vale do Rio Doce (CVRD) to increase its shares in Companhia Siderurgica de Tubarao (CST). Moreover, Arcelor plans to increase its shares in Brazilian steel producer Acesita. It is reported that Arcelor will likely be the third investor in a steel plant CVRD plans to establish with Chinese steel producer
Baosteel in Maranhao state of
Brazil.
These
investments indicate that Arcelor wants to strengthen its existence in
Brazil.