In an effort to decrease dependence on major iron ore producers Vale and BHP Billiton, ArcelorMittal CEO Lakshmi Mittal announced the company's plans to triple iron ore output in Brazil by 2014.
ArcelorMittal aims to produce 15 million metric tons (mt) of iron ore from its mines in Brazil by that time, compared to current output levels of 5 million mt. The company plans to spend $5 billion in Brazilian steel and iron ore investments over the next four years, to account for rising demand in the automotive and construction industries, including the $20 billion Brazil will spend on infrastructure in anticipation of the 2014 World Cup and 2016 Olympic Games.
Investments ArcelorMittal plans to make include improvements in its Monlevade mine, and possibly a new iron ore terminal in Rio de Janeiro.