Mittal Steel may invest in iron ore project in Ukraine
In order to supply raw material to its Galati steelworks in
Romania, Mittal Steel expressed an interest in investing $300 million in an
iron ore project in
Ukraine, sources report.
Since the 1980s, $1.8 billion has been invested in the project being undertaken by present-day
Ukraine,
Slovakia and
Romania; however, 20% of the project has remained incomplete.
If the Ukrainian government green lights Mittal's participation in the project, the company could start producing
iron ore pellets at Krivoy Rog within a year.
As reported by SteelOrbis in mid-April, following the
iron ore price increases put into effect by the world's leading
iron ore suppliers, Mittal Steel announced plans to acquire
iron ore assets in
Liberia and
India in order to supply raw material to the company's units in
Europe and Asia.