Arcelor to invest $3 billion in Brazil

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.