International news outlets reported Wednesday that Jaime Charles, the Chief Executive Officer of Chilean steelmaking and mining company CAP SA, said the company is considering increasing its total iron ore production capacity to 30 million tons. Already, CAP SA is in the process of increasing iron ore capacity from 12 million tons to 18 million tons by 2013 through a $1 billion investment.
Charles also said that both steel and iron ore demand will remain strong despite recent global volatility. A final decision on whether to further expand CAP SA's iron ore production to 30 million tons is anticipated in 2013 or 2014.