ArcelorMittal Galati, Romania-based subsidiary of the world's largest integrated metals and mining company ArcelorMittal, will invest over €25 million in upgrading and improving production quality at its plate mill No. 2.
"This major investment pack enables us to make a step further in our ongoing transformation program in order to restore the competitiveness of ArcelorMittal Galati," ArcelorMittal Galati CEO Thierry Le Gall said.
ArcelorMittal Galati produces about 40 percent of ArcelorMittal group's steel plate output. Following the mill's modernization, the company will be able to produce new types of plate which will allow it to enter new markets.
ArcelorMittal Galati is currently implementing an investment of €53 million for the modernization of its blast furnace (BF) No. 5, which started in early 2010.
Initially, ArcelorMittal Galati was planning to resume operations at its upgraded BF No. 5, which will double its annual pig iron output to 4.2 million mt, in the first half of January this year immediately after the completion of modernization work. However, in December ArcelorMittal Galati delayed the BF's restart to the middle of this year, after another BF was stopped for several weeks due to lack of orders from Turkey, its main sales market.