Global steel giant ArcelorMittal has announced that it will invest in a new hot strip mill at its subsidiary ArcelorMittal Mexico as part of a three-year investment program at its Mexican operations, which is focused on building ArcelorMittal Mexico’s downstream capabilities, sustaining the competitiveness of its mining operations and modernizing its existing asset base.
ArcelorMittal stated that the construction of the new hot strip mill will take approximately three years and, upon completion, will enable ArcelorMittal Mexico to produce 2.5 million mt of flat rolled steel. Coils from the new hot strip mill will be supplied to domestic, non-auto, general industry customers. ArcelorMittal also stated that further investments will be made at the Lázaro Cárdenas site to improve the quality and productivity of the asset base, with additional investment in the group’s Mexican mining operations.
The $1 billion three-year investment program is designed to enable ArcelorMittal Mexico to meet the anticipated increased demand requirements from domestic customers and significantly enhance the proportion of higher-value added products in its product mix.