The Luxembourg-based company said that the plan in question does not include any current or future major greenfield projects or potential growth through acquisition, but rather is directly linked with organic growth.
ArcelorMittal said the growth will come mainly from the company's low cost operations in the developing markets, particularly in Latin America, Africa, Eastern Europe and the CIS.
Commenting on the development plan, Lakshmi N. Mittal, President and CEO of ArcelorMittal said, "Underlying demand for steel globally remains buoyant with world steel production expected to maintain a yearly growth rate of between three and five percent. Considering our high exposure to developing markets and industrial leadership, we are well positioned to capture growth opportunities which will permit us to increase shipments from our existing operations by some 23 million mt by 2012. This growth plan forms only one part of our three dimension growth strategy which also focuses on value added product growth and value chain growth (mining and distribution)."