ArcelorMittal is considering investing another $1 billion in Mexico, Mexican president Andrés Manuel López Obrador said this week. The president met with Lakshmi Mittal, the CEO of ArcelorMittal, to discuss possibilities for investing in Mexico.
ArcelorMittal had already committed to investing $1 billion investment in a new hot strip mill at its subsidiary ArcelorMittal Mexico as part of a three-year investment program at its Mexican operations. The $1 billion investment was announced in September 2017, as previously reported by SteelOrbis.
According to Obrador, out of the company’s first $1 billion project, ArcelorMittal invested $600 million. “We are reaching an agreement to explore the possibility of having them invest more in Mexico, at least $1 billion in Lazaro Cardenas as well as in other producing activities,” said Obrador. “We want to strengthen domestic production.”
Mittal said he was “very impressed” with the president’s vision for Mexico. “This gives me a lot of confidence and trust that Mexico is the place to invest. As far I am concerned, I can say that we’re committed to invest in Mexico and grow in Mexico,” Mittal said.
Neither Obrador nor Mittal provided further details about the $1 billion investment.