The world's largest steelmaker ArcelorMittal has confirmed to SteelOrbis that it is currently reviewing its expansion program due to the global economic downturn.
According to an ArcelorMittal official, "ArcelorMittal's growth strategy remains unchanged. However, the current market situation is prompting us to check the order of priority to be assigned to our different growth projects. We are currently reassessing these priorities."
As per market reports, the company's eight-year $35 billion expansion plans are under review, including its $20 billion project for two new plants in India, on which work could be put back to 2012-2015.